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Rail News Home Rail Industry Trends

6/20/2014



Rail News: Rail Industry Trends

Daily crude production in the Bakken reaches 1 million barrels


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The North Dakota Petroleum Council (NDPC) on Tuesday announced 1 million barrels of crude oil now are being produced in the state each day. In 2000, less than 100,000 barrels of crude were produced daily in North Dakota.

Only Alaska, California, Louisiana and Texas have ever reached the 1 million-barrel-per-day mark and until April, only Texas has maintained or exceeded that production level in the United States, according to the council. In addition, only one Canadian province – Alberta – and 22 countries have ever produced 1 million barrels per day.

The Bakken Shale — which in May reached 1 billion barrels in total production — now has become the world's 10th oilfield to reach the 1 million plateau, joining oilfields in Alaska, Texas (the Eagle Ford Shale and Permian Basin), Mexico, China, Saudi Arabia, Kuwait, Iraq and Russia, NDPC officials said in a press release.

"This is a significant milestone that few countries and even fewer states have ever reached, underscoring the influence North Dakota has in enhancing our national security and our state and national economies," said NDPC President Ron Ness. "The Bakken is undisputedly a world-class resource that is providing a secure and reliable energy resource for our nation. Drilling is expected to at least 14 to 17 more years, if not more with technological advancements, resulting in several more decades of production and economic stability and longevity."

North Dakota has built a good business and regulatory environment to attract investment and innovation to the Bakken, said U.S. Sen. John Hoeven (R-N.D.).

"Reaching the 1 million barrel a day mark is a tremendous and timely milestone for the petroleum industry and our state, but it is also a tremendous milestone for our nation," he said. "If recent events in Iraq, Syria, Ukraine and elsewhere in the world teach us anything, it is that we must build our domestic energy resources and reduce our reliance on Middle Eastern oil to strengthen America’s national and economic security."



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