North Dakota’s oil production rose about 12% to 1.16 million barrels per day (MMbbl/d) in August as more wells and drilling rigs resumed production after a drop earlier this year, the state's regulator said on Oct. 16.
Producers in the state shut about 5,000 wells pumping 300,000 bbl/d as prices tumbled into negative territory in April.
Output in the United States, while still well below the peak 13 MMbbl/d reached in January, has been gradually rising with U.S. crude futures holding around $40 a barrel over the past several months.
The additional U.S. oil production is adding to uncertainty over what OPEC will do next month. OPEC and allies are scheduled to meet Nov. 30 to review a plan to ease curbs on production, potentially adding 2 MMbbl/d next year.
North Dakota's crude oil output rose to 1.16 MMbbl/d from 1.04 MMbbl/d in July, state regulator North Dakota Department of Mineral Resources reported. Peak production in the state was 1.4 MMbbl/d in 2019.
Officials said 16 drilling rigs are active in the state, up from 10 in July. Crude oil produced in the state was selling for $31.75 a barrel, compared with $9.16 per barrel in April when the COVID-19 pandemic and a market glut knocked prices lower.
Recommended Reading
Baytex Energy Joins Eagle Ford Shale’s Refrac Rally
2024-07-26 - Canadian operator Baytex Energy joins a growing number of E&Ps touting refrac projects in the Eagle Ford Shale.
US Rig Count Makes Biggest Monthly Jump Since November 2022
2024-07-26 - The oil and gas rig count, an early indicator of future output, rose by three to 589 in the week to July 26.
Private Equity Looks for Minerals Exit
2024-07-26 - Private equity firms have become adroit at finding the best mineral and royalties acreage; the trick is to get public markets to pay more attention.
BP and NGC Sign E&P Deal for Offshore Venezuelan Cocuina Field
2024-07-26 - BP and NGC signed a 20-year agreement to develop Venezuela’s Cocuina offshore gas field, part of the Manakin-Cocuina cross border maritime field between Venezuela and Trinidad and Tobago.
Nabors’ High-spec Rigs Help Keep Lower 48 Revenue Stable in 2Q
2024-07-25 - Nabors’ second quarter EBITDA was down 1% quarter-over-quarter but the company sees signs of increased drilling activity in international markets the second half of the year.