Report: 2014 Bakken oil production output 1.1M barrels a day

JOSH WOOD, Associated Press

Oil production in North Dakota and Montana's Bakken and Three Forks formations will average 1.1 million barrels per day this year, according to estimates announced Wednesday by a research firm.

WILLISTON, N.D. (AP) — Oil production in North Dakota and Montana's Bakken and Three Forks formations will average 1.1 million barrels per day this year, according to estimates announced Wednesday by a research firm.

Wood Mackenzie anticipates that oil production in the North Dakota and Montana sections of the Bakken and Three Forks formations will grow to 1.7 million barrels per day in 2020.

"We're very confident on the future of the Bakken," said Jonathan Garrett, an analyst at Wood Mackenzie. He added that the expected lifetime of a Bakken well is 25 years to 30 years.

Wood Mackenzie projects that $15 billion will be spent on drilling and completion of wells by Bakken participants in 2014.

The research firm also said there is close to $118 billion in remaining value in the American portions of the Bakken and Three Forks formations, which also stretch into Canada's Saskatchewan and Manitoba provinces.

Last year, North Dakota produced a daily average just shy of 860,000 barrels per day, according to statistics from the North Dakota Industrial Commission's oil and gas division. The North Dakota Petroleum Council, a group that provides governmental relations support to oil companies, expects the state's oil production to surpass 1 million barrels per day in June.

"Today, the Bakken produces more crude oil than any other unconventional play in the world," Wood Mackenzie said in a statement.

"Those aren't terms that go along with boom and bust," said Ron Ness, the president of the North Dakota Petroleum Council. "Those are elements that show you that the Bakken is a very unique and world-class resource."

North Dakota is the second-biggest oil producer in the nation, behind Texas.

 


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs