Platts.com reported today that North Dakota has yet again increased its oil and natural gas production during the month of August. Based on statistics released by the Department of Mineral Resources today, the state produced 1.132 million barrels per day (b/d) of oil. Well count in the area is also at an all-time high of 11,563. Natural gas production also rose reaching 1.34 billion cubic feet per day (bcf/d).
North Dakota’s Bakken and Three Forks formations have steadily increased production month to month since oil production took off in the state. There is speculation that production numbers will decrease in the coming month’s reports. This is due to a new flaring mandate that requires drillers to capture a certain percentage of methane that would usually be burned off. If producers do not meet the requirements they will be legally required to decrease production.