BIG TROUBLE FOR THE BAKKEN OIL FIELD: Has The Bust Begun?
By Steve St. Angelo
GoldSeek.com
Tuesday, 16 December 2014
The Great Bakken Oil Field suffered a setback in October as production declined 1,598 barrels per day compared to the previous month. The industry blames the decline on drillers scaling back on production due to the new flaring mandate that requires companies to capture natural gas as well as the rapid fall in oil prices.
While these factors will impact future production, there are additional red flags warning that the Bakken may be already heading for BIG TROUBLE. And nothing spells trouble more than the huge loss of Bakken oil production due to its high decline rate.
Each month the EIA – U.S. Energy Information Agency puts out a Productivity Report on the different shale oil and gas fields. The EIA’s first Productivity Report was published in October 2013. If we compare the rate of change in the Bakken from the first issued report to the most recently published data, the decline in monthly production continues to increase:
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