Bloomberg reported that oil production from the part of the Bakken shale formation located in North Dakota was 609,580 barrels per day in July, nearly double the 360,820 barrels produced in July 2011.
As quoted in the market news:
“It’s amazing how quickly production has grown, and it’s still in its early stages,” Christian O’Neill, a Bloomberg Industries senior analyst for oil and gas based in Skillman, New Jersey, said in a telephone interview. “Completion techniques are improving, and the time to drill wells is getting shorter and shorter. This is the beginning of an oil renaissance in North America.”
Increased production out of the Bakken, the Eagle Ford formation in southern Texas and the Permian Basin in western Texas helped U.S. oil output rise to the highest level in 13 years in July, weekly Energy Department data show.