![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() by Daniel J. Graeber Bismarck, N.D. (UPI) Nov 23, 2015
As crude oil prices drift lower during the last weeks of 2015, the No. 2 oil producer in the nation, North Dakota, reported little movement in rig activity. West Texas Intermediate, the U.S. benchmark price for crude oil, is 47 percent lower than it was at this time last year. That leaves energy companies with less capital to invest in exploration and production, a trend reflected in lower rig counts. State data show one rig was added from last week for 65. The state rig count held steady at 64 for the first two weeks of November. The historic low in the No. 2 oil producer in the nation was 63, set in November 2009. Rig counts for November are down about 8.5 percent. Oil production in September, the last full month for which data are available, was 1.16 million barrels per day, down about 2 percent from the previous month. More than 90 percent of the oil production in the state comes from the Bakken shale reserve. A drilling productivity report from the U.S. Energy Information Administration forecast a decline of 27,000 bpd from North Dakota shale by December. Lynn Helms, director of the North Dakota Industrial Commission, said in the latest monthly report for the state operators are running fewer rigs in the state, though they're more efficient than in the past. Rig counts may drop further, however, as the weakened oil economy persists. "Oil price weakness is now anticipated to last through next year and is the main reason for the continued slow-down," he said in the report.
Related Links All About Oil and Gas News at OilGasDaily.com
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |