• 11 hours U.S. Oil Production To Increase in November As Rig Count Falls
  • 13 hours Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 15 hours Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 16 hours EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 18 hours Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 19 hours Aramco Says No Plans To Shelve IPO
  • 3 days Trump Passes Iran Nuclear Deal Back to Congress
  • 3 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 4 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 4 days Chevron Quits Australian Deepwater Oil Exploration
  • 4 days Europe Braces For End Of Iran Nuclear Deal
  • 4 days Renewable Energy Startup Powering Native American Protest Camp
  • 4 days Husky Energy Set To Restart Pipeline
  • 4 days Russia, Morocco Sign String Of Energy And Military Deals
  • 5 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 5 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 5 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 5 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 5 days District Judge Rules Dakota Access Can Continue Operating
  • 6 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 6 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 6 days Oil M&A Deals Set To Rise
  • 6 days South Sudan Tightens Oil Industry Security
  • 6 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 6 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 7 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
  • 7 days Record U.S. Crude Exports Squeeze North Sea Oil
  • 7 days Iraq Aims To Reopen Kirkuk-Turkey Oil Pipeline Bypassing Kurdistan
  • 7 days Supply Crunch To Lead To Oil Price Spike By 2020s, Expert Says
  • 7 days Saudi Arabia Ups November Oil Exports To 7-Million Bpd
  • 7 days Niger Delta State Looks To Break Free From Oil
  • 7 days Brazilian Conglomerate To Expand Into Renewables
  • 7 days Kurdish Independence Could Spark Civil War
  • 7 days Chevron, Total Waiting In The Wings As Shell Mulls Majnoon Exit
  • 8 days The Capital Of Coal Is Looking For Other Options
Draw In Crude Inventories Lifts Oil Prices

Draw In Crude Inventories Lifts Oil Prices

Oil prices reversed course on…

Kuwaiti Minister: OPEC Deal Extension May Be Unnecessary

Kuwaiti Minister: OPEC Deal Extension May Be Unnecessary

Kuwaiti Oil Minister Al-Marzouk has…

North Dakota Oil Output Hits 1 Million Bpd

Oil Rigs

Crude oil production in North Dakota exceeded 1 million barrels daily in February for the first time in three months, but the increase is temporary as thaw season will prompt strict weight restrictions on trucks servicing the oil patch. Production should rebound later in the year, most likely in the last quarter, according to the state’s Department of Natural Resources.

In March and April, the department expects average output to be around 950,000 bpd before again starting to climb up in May, undoubtedly helped by the start of operation of the controversial Dakota Access pipeline: Energy Transfer Partners said in a regulatory filing that the flow of oil between North Dakota and Illinois will start on May 14.

The head of the state’s DNR Lynn Helms told media the February increase in production was a surprise and was most likely brought about by higher international oil prices. The number of active rigs in the state’s oil patch was 39 in February, up by one from January, but last month this increased to 46 and as of yesterday, the rig count was 51 – an 18 percent increase since February.

Marathon Oil had the most rigs: 10, of which nine were added since the start of 2017. Next came Continental Resources with five rigs, of them two were added since January. Producing wells in the state in February totaled 13,500, up by 159 from January. Drilled but uncompleted wells fell below 800 for the first time in more than two years, the department also said.

Related: Goldman’s $50 Forecast May Prove Bullish

According to Platts analytical data, breakeven prices in the Bakken shale play fell to $33.53 a barrel this month, from $37.91 a barrel in the same month last year, while spot prices for the crude produced there increased, providing additional motivation to producers to ramp up output. They will have to wait, however, until the land thaws beneath North Dakota roads, until which time they will have to use more trucks with lower loads as per state regulations.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News