NORTH DAKOTA (KXNET) — Oil production here in the state has almost recovered from what was lost in April due to the blizzards.
In this month’s Director’s Cut, the state’s oil production continues to rise.
In April, oil production averaged just over 9,000 barrels a day, causing the U.S. storage volume to decrease by almost six million barrels.
Now in May, the latest figures available for the state, North Dakota jumped to more than one million barrels, which is a 17 percent increase.
According to Lynn Helms, the state’s Director of Mineral resources, this is putting the Bakken just 60,000 barrels a day behind what is usually expected.
Organizers say North Dakota should expect a significant increase in natural gas this month as well, bringing us close to a two percent production increase for the year.
And the price per barrel for the month of May remained nearly double the revenue forecast.
Natural gas also saw a similar increase, with 14 percent, keeping the gas-to-oil ratio constant.
Helms went on to say that well permitting and rig counts continue to rise, saying this is a big positive for an industry struggling to find a workforce.
“So as of this week, it looks like we have 18 frack crews running, that’s a big improvement. Prior to COVID we had 25 as you recall and we stayed pretty steady, todays rig count matches the average for the month of June, which is 42,” said North Dakota Director of Mineral Resources, Lynn Helms.
North Dakota is expected to see these numbers continue to rise in the coming months.