Bakken Boom: North Dakota Breaks Its Oil Production Record

Tue, 01/10/2012 - 23:55 EDT - Seeking Alpha

By Mark J. Perry: The "Economic Miracle State" of North Dakota pumped another record amount of oil during the month of November at a daily rate of 509,754 barrels, which was 43% above last year's output, and the first time that the state's daily production exceeded 500,000 barrels (see chart above, data here). Oil production in the Peace Garden State has more than doubled from 246,000 barrels per day two years ago, and North Dakota is now producing enough oil to completely displace the imports of crude oil from Colombia (364,000 bpd) or Iraq (422,000 bpd). Other highlights of the November production report: 1. The number of wells producing oil in the state increased to 6,060, which sets a new record, and exceeds 6,000 wells for the first time ever. 2. The amount of oil produced per well also reached a record high of 84 barrels per day in November, which is 50% higherComplete Story »

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