Production Surpasses OPEC
No doubt the energy industry is booming in the Bakken Shale. A 42 percent surge in oil production in November in North Dakota has put that state’s output above a ranking member of OPEC.
510,000 barrels of oil were produced in North Dakota in November 2011. That energy output helped producers surpass Ecuador in production at that time. It was the first time the state’s daily crude output topped a half-million barrels.
North Dakota has roughly 6,300 producing wells. Producers have spurred a five-fold increase in production in that state since the discovery of the Bakken formation just a few short years ago. The formation is estimated to hold as much as 4.3 billion barrels of oil in North Dakota and parts of Montana.
Oklahoma’s own Continental Resources is the largest leaseholder in the Bakken, holding leases on more than 900,000 acres.
Ecuador, with 500,000 barrels of daily output in November, was the smallest member of OPEC.