The good news - North Dakota oil production is back to "record" levels.

The better news - a new analysis show we have decades of good drilling ahead of us.

As the Bismarck Tribune reports, the Peace Garden state produced a average of 1.27. million barrels per day in July. That's a new all-time high, according to new figures from the Department of Mineral Resources.The state also set a new production record in May.

In addition, the state's Pipeline Authority presented projections of how long production and Three Wells may continue under foreseeable prices.

The result: "There's still some twenty to sixty years of drilling inventory," according to Pipeline Authority Director Justin Kringstad. Authorities not that the projections doesn't account for improvements in technology that may lead to increased recovery.

Mineral Resources Director Lynn Helms cautions that a number of factors could have a negative effect, including workforce shortages and natural gas flaring.

North Dakota now has just under fifteen thousand producing wells - another state record.

So, while we can hardly expect to repeat the glories of just a few years ago, the prognosis is encouraging.

 

[Source: Bismarck Tribune]