During North Dakota’s monthly oil production update, the state’s director of mineral resources shared what he described as positive news.
Both crude oil and natural gas output are up 2.8% for the month of August, with oil being 1% above revenue forecast.
Director of Mineral Resources Lynn Helms says the state is still in third place among oil-producing states, and losing ground to New Mexico, which produces about 1.2 million barrels a day compared to North Dakota’s 1.1.
Overall he says the number of rigs in the state sits at 30 and continues to grow, but is still not on pace with New Mexico.
“New Mexico is at 86 rigs though. Even though a new well in their part of the Permian Basin only yields about half as much increased production as a new well in the Bakken, we’re going to have to increase our rig count another 30% in order to equal that out. But we are at 30 and we are on the positive side and growing,” Helms said.
Helms said the state has only 10 frack crews for the 30 rigs operating.