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Oil production up slightly despite low prices

BISMARCK - North Dakota oil production rose slightly in June to 1.2 million barrels per day, the second-highest production month behind only last December, the Department of Mineral Resources said Friday.

North Dakota

BISMARCK – North Dakota oil production rose slightly in June to 1.2 million barrels per day, the second-highest production month behind only last December, the Department of Mineral Resources said Friday.

Director Lynn Helms wrote in his monthly update that the current number of active drilling rigs, 74 on Friday, and the inventory of wells that needs to be completed is sufficient to maintain production of 1.2 million barrels per day for 24 months.

Hydraulic fracturing crews completed 149 wells in June, up from 116 in May, according to preliminary figures. An estimated 848 wells were drilled but waiting on fracking crews at the end of June.

Operators plan to run fewer rigs than they planned in 2015 as oil prices stay low and companies are improving efficiencies, Helms wrote.

Natural gas production increased 1.2 percent to nearly 1.7 billion cubic feet per day, a new all-time high, preliminary figures show.

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The percentage of gas flared decreased from 18 percent to 17 percent.

The percentage of crude oil hauled by rail fell to 47 percent in June, the North Dakota Pipeline Authority said.

Related Topics: NORTH DAKOTA
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