North Dakota sees growth in oil and gas production in June

BISMARCK, N.D. (KUMV) – Oil and Gasoline manufacturing numbers in North Dakota are trending in the best path going into the summer time months, in response to Division of Mineral Sources Director Lynn Helms.

Within the newest Director’s Minimize report, the state produced almost 1.1 million barrels of oil in June, which is a 3.5% improve. Gasoline seize figures additionally confirmed a 9.7% improve throughout that interval. Helms stated that whereas extra manufacturing is anticipated all year long, workforce and oil costs stay challenges to see vital development.

“We’re not anticipating a giant spike or a ramp up in drilling exercise, only a gradual improve in rig depend and frack crews or completion crew depend taking us by means of the top of the yr,” stated Helms.

He cited a current survey by the U.S. Power Info Administration that stated producers want oil costs to stay round $98 a barrel for them to considerably improve drilling. In the present day, the worth is at $88 a barrel.

Helms’s expectation is that North Dakota will attain 1.2 million barrels per day by the primary quarter of subsequent yr.

There are presently 47 energetic rigs in North Dakota, which is up from 42 in June.

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