North Dakota oil production continues to climbAugust 17, 2012
North Dakota oil production topped 660,000 barrels per day (bpd) in June, a 3% increase over May and a 71% increase over June 2011 production. North Dakota’s production is up over 250% in just four years. The total size of the Bakken oil resource – the backbone of North Dakota production – is controversial. Estimates are as high as 300 billion barrels total, with as much as 50% ultimately recoverable, but more cautious observers think that the recoverable total using current technology is between 3 and 30 billion barrels. In any case, it is estimated that production will ultimately peak at over 1 million bpd and could run at that level for another 20 to 25 years.