LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

COT Gold, Silver and US Dollar Index Report - July 10, 2020
By: GoldSeek.com

Gold & Silver Seeker Report: This Week in Mining Issue #21 - Financing's Galore, Early Q2 Production Numbers, and Go
By: Chris Marchese, Chief Mining Analyst at GoldSeek.com

The Silver Pressure Cooker
By: Ted Butler

Gold Stocks Blast Higher
By: Adam Hamilton, Zeal Research

Banking on a Bluff: The Biggest Gold Scam in Modern History
By: Marin Katusa

Epochalypse Now: How Deep is Your Depression?
By: David Haggith

Stock market update: good time to be on the sidelines
By: Gary Savage

Precious Metals Update Video: Gold market a crowded trade?
By: Ira Epstein

Is it Time To Dump Gold Stocks?
By: Brady Willett, FallStreet

How High Can Gold Go in 2020?
By: Sam Laakso, VOIMA GOLD

 
Search

GoldSeek Web

 
How Quickly Will Bakken Oil Production Decline?? Much Faster than Americans Realize


 -- Published: Wednesday, 3 June 2020 | Print  | Disqus 

Steve St. Angelo, SRSrocco Report

 

What goes up, must come down.  And, this is most certainly true for the mighty North Dakota Bakken… the second-largest shale oil-producing region in the United States.  Even after the global contagion fades away, the North Dakota Bakken has likely reached peak production.

 

According to a new chart by Jean Laherrere, from his recent work titled, Negative WTI on 20 April 2020: an accident or a trend?, the estimated oil production decline at the North Dakota Bakken will destroy the notion of U.S. Energy Independence, once and for all.  Here is Laherrere’s chart showing the ultimate recovery of 5.5 billion barrels from the North Dakota Bakken, and what that would like on the downside of the decline slope:

 

 

This chart is easy to understand.  The RED LINE shows the total “Cumulative Production,” while the solid GREEN LINE displays the actual production, and the dashed GREEN LINE is the estimated decline.  I took Jean’s chart and provided my estimated figures for 2023, 2025, and 2030:

 

 

The monthly peak of North Dakota Bakken oil production was approximately, 1.45 million barrels per day.  It is shown as 1,450 kb/d in the chart, or 1,000 barrels per day.  Lahererre’s calculations show that the N.D. Bakken oil production will fall to 850 kb/d by 2023, 450 kb/d by 2025, and only 80 kb/d by 2020.  Thus, according to these figures, the Bakken will lose nearly 70% of its production within five years and 94% by 2030.

 

The actual decline of Bakken oil production could be more rapid or slower than shown in the chart above.  But, I doubt the range will differ all that much compared to the estimates provided by Laherrere.

 

Furthermore, as I have stated, many of the Bakken producers have already gone through most of their available drilling acreage.  For example, Whiting Petroleum, the third-largest producer in the Bakken, had 258,660 undeveloped acres in the region in 2012.  Now, compare that to the remaining 41,302 undeveloped acres published in their 2019 Annual Report.  That is an 84% decline in available undeveloped Bakken acreage.

 

As I stated many times… the U.S. Government might be able to BAIL-OUT the Shale Industry, but it CANNOT create more drilling acres.  There lies the rub.

 

Also, the companies in the Bakken are now producing nearly 1.5 barrels of wastewater for each barrel oil they extract:

 

 

Even though some of this wastewater is being recycled, it’s only a fraction of the overall amount.  It’s just too expensive to set up the system to recycle the water.  So, the companies elect to haul it away for several Dollars a barrel and have it injected in deep wastewater wells.  This is the very reason there has been a sharp increase in earthquakes in Oklahoma.  It’s not the fracking that is causing the earthquakes; it’s the injection of wastewater deep into the geology.  The wastewater injected deep in the ground is lubricating the geology, causing the earthquakes.  I have read that even if the fracking and deep wastewater injection stops, the earthquakes will continue.

 

The United States is presently experiencing nationwide protests and violence.  While I commend individuals to protest for what they believe in, the best protest may be to LEAVE THE BIG CITY altogether.  Americans have no clue just how awful the living conditions will become in many of the BIG CITIES and MEGA-SUBURBS when we go over the ENERGY CLIFF.

 

It’s time for Americans to take back control of their lives by growing some of their own food while learning how to be more self-sufficient.

 

Steve St. Angelo, SRSrocco Report

https://srsroccoreport.com/


| Digg This Article
 -- Published: Wednesday, 3 June 2020 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.