NORTH DAKOTA (KXNET) — It likely won’t come as a surprise that oil and gas production was essentially the same in the month of August.
In this month’s director’s cut, the state reported that the coming months look promising.
For the month of August, the state saw a 700 barrel/day increase in crude oil.
Although it’s technically an increase, the North Dakota Department of Mineral Resources considers it even.
Oil prices in the month of August for the North Dakota market was just over $90, which exceeded the revenue forecast by 81%.
On the other hand, gas production was down 1%, largely due to plant outages.
North Dakota has seen a steady flow of oil and gas drilling permits; however, the rig count remains about the same at 43. The all-time high rig count for the state was 218.
North Dakota Department of Mineral Resources Director Lynn Helms says the majority of the rigs have gone to the Permian region, which is located in Texas and New Mexico.
There have been newly completed wells recently, and because of that, Helms believes the numbers in the coming months will be on the rise.
“So, we would seriously anticipate we’re going to see an increase in production for the September report which will come next month, but we are exceeding the revenue forecast by about 62% there,” said North Dakota Department of Mineral Resources Director, Lynn Helms.
Helms says the numbers have not changed, because the state is replacing existing wells with new wells.