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Politics : Peak Oil reality or Myth, of an out of Control System
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To: dvdw© who wrote (1045)9/14/2013 8:23:00 AM
From: dvdw©Read Replies (2) of 1580
 
The Accolades Will Roll In All Week

Rigzone/Reuters get things rolling with this report:
Oil production in North Dakota hit a new record high in July as oil companies brought more wells online once summer rains stopped, the state regulator said. Output in July jumped by 55,000 barrels per day from the month before, to just below 875,000 bpd, monthly data issued by the North Dakota Industrial Commission's Oil and Gas Division showed on Friday. Most of the new production came from the Bakken and Three Forks shale formations where drillers are using horizontal drilling and hydraulic fracturing (fracking) technologies to tap the state's massive oil resources. Companies produced slightly more than 810,000 bpd of oil from the Bakken shale in July."Slightly more"? I guess the writer was a bit confused. Two sentences earlier he/she used the verb "jumped." Whatever.

I suppose it is confusing for some folks. By this time "we" were supposed to be in the industrial phase of drilling/production in which the rate of growth would flatten.

In fact, the increase from 810,000 to 875,000 bopd month-over-month after seven years of drilling in the North Dakota Bakken boom is not only huge in raw numbers, but it is even bigger when one notes that, at 6.43% it is the largest increase in two years in month-over-month production.

I'm as surprised as anyone; I expected a 2% rise at most.
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