Bakken – Page 8 – Peak Oil Barrel

Jean Laherrere on Proven Reserves

12/17/201612/17/2016 Ron Patterson 87 Comments

Jean Laherrere has posted the following charts and comments on Bakken and World oil reserves.

EIA proved reserves on Bakken (ND +Montana) plus cumulative production have changed at end :

-2012 3754 Mb
-2013 5701 Mb
-2014 7203 Mb
-2015 6671 Mb

As shown in this graph in red squares, together with HL ultimates, USGS estimates and cumulative production.

jean-1

ThisEIA CP+RR value (which is assumed to trend towards the oil ultimate) has increased sharply from 2012 to 2014 and has decreased in 2015 (this decrease may continue towards which value?).

Read More

Bakken Oil Production Up Over 70,000 BPD

12/13/201612/13/2016 Ron Patterson 193 Comments

North Dakota just released their production numbers for the Bakken as well as for all North Dakota

bakken-bpd

The numbers are shocking. The Bakken is up 70,798 bpd to 991,722 bpd and all North Dakota was up 71,447 bpd to 1,043,207 bpd. The EIA’s drilling productivity report really missed the ball on this one.

Read More

Bakken Production Down 10 K bpd

11/16/201611/16/2016 Ron Patterson 315 Comments

Bakken oil production was down 10,119 barrels per day in September and all North Dakota production was down 10,353 bpd in September.

bakken-bpd

Bakken production continues to decline though I expect it to level off soon.

Read More

Bakken Production Down, OPEC Production Up

10/13/201610/13/2016 Ron Patterson 375 Comments

North Dakota has released August production data for the Bakken and also for all North Dakota.

bakken-bpd

Bakken production was down 46,433 barrels per day to 930,931 bod, All North Dakota was down 48,695 bpd to 981,039 bpd. This is first time North Dakota has been below 1 million barrels per day since March of 2014.

Read More

Mexico, China and Beyond

09/20/201609/20/2016 Ron Patterson 203 Comments

This is a guest post by David Archibald. The opinions expressed in this post do not necessarily represent those of Dennis Coyne or Ron Patterson

Mexico, China and Beyond

Ron Patterson’s post asking if China’s oil production has peaked reminded me of Mexico
which also produces mainly from supergiant fields. Mexico’s oil production peaked in 2004 and has averaged a 3.5 percent per annum decline rate since, with a peak yearly decline rate of 9 percent in 2008. China’s oil production has fallen 10% from its peak in 2015. Part of that is oil price-related as the Daqing oil field has an operating cost of $46 per barrel and could reverse as the oil price rises. The comparison of China and Mexico with a projection to 2023 is shown in the following figure:

da-1

Read More