X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

  • 3 minutes Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Scientists Warn That Filling The Sahara With Solar Panels Is A Bad Idea
  • 11 minutes United States LNG Exports Reach Third Place
  • 15 minutes Joe Biden's Presidency
  • 8 hours America Makes Plans to Produce Needed Rare Earth Minerals Domestically
  • 1 hour IS SAUDI ARABIA SENDING A MESSAGE TO BIDEN
  • 8 hours U.S. Presidential Elections Status - Electoral Votes
  • 2 days Texas forced to have rolling black outs, primarily because of large declines in output from fossil fuel power plants
  • 2 days Former BP Exec "Biden not in war against oil" . . Really ?
  • 2 days Texas Supply Chain Massacre
  • 2 days Here we go - again: plug-in hybrids cost motorists more than what they were told
  • 5 hours Top Conservative Lawyer Says Trump Can Stand Trial
  • 5 hours “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 2 days An exciting development in EV Aviation: Volocopter
Wall Streets Sees 2,000% Growth For Booming EV Market

Wall Streets Sees 2,000% Growth For Booming EV Market

While ESG investments are gaining…

Big Oil Clashes Over Fossil Fuel Future

Big Oil Clashes Over Fossil Fuel Future

Executives from major oil companies…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

North Dakota’s Crude Oil Production Could Peak Within 5 Years

Crude oil production in North Dakota could peak over the next five years as producers will have drilled up the core production areas and will have to move to less prolific corners of the oil patch, North Dakota’s Mineral Resources Director Lynn Helms told state lawmakers.

Exploration and production companies will finish drilling the core areas in North Dakota’s oil patch in the next two to five years, Helms said at a meeting of the interim Government Finance Committee.

“At that point, say five years from now, the drilling has to move out into the non-core areas, and that will yield lower producing wells,” said Helms, as carried by Grand Forks Herald.  

Producers will find it much more difficult to increase crude oil production from the non-core drilling areas, he said, noting that “We can now see that horizon from here.”

According to Ron Ness, President of the North Dakota Petroleum Council, the state’s oil production could peak at 1.8 million bpd if oil prices hold, as carried by The Associated Press.

Oil production in North Dakota jumped last year as oil prices had recovered and drillers continued to drill in core areas.

Crude oil production hit an all-time high of 1.518 million barrels per day (bpd) last October, while production in November held steady at 1.515 million bpd. The December production is expected to have dropped from those levels.

In the Director’s Cut release in January, with figures for November, Helms said that 98 percent of drilling in the state of North Dakota now targets the Bakken and Three Forks formations.  

“Lower crude oil price, gas capture, workforce, and competition with the Permian and Anadarko shale oil plays for capital continue to limit drilling rig count,” Helms said last month. 

“Operators continue to maintain a permit inventory that will accommodate varying oil prices for the next 12 months,” he added.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Bill Simpson on February 12 2020 said:
    Electric cars are arriving just in time.

Leave a comment




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