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Tag Archives: North dakota oil production

North Dakota may let more oil wells be temporarily idled

WILLISTON, N.D. – North Dakota’s oil regulators said on Monday they may allow more wells to be temporarily abandoned, a step that would permit producers to delay fracking beyond the typical one-year window and prevent even more crude from flooding onto global markets. The change would fuel massive savings for oil producers in the state who have amassed a backlog ...

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North Dakota oil output down only slightly in July

WILLISTON, N.D. – North Dakota’s daily oil production fell less than 1 percent in July, state regulators said on Monday, a drop far less than many feared and one showing the state’s Bakken shale formation could continue pumping high volumes of crude for the foreseeable future despite sliding prices. The state, the No. 2 U.S. crude producer, had output of ...

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Top 5 Bakken stories of the week

Here are the top five stories from Bakken.com for the week of June 13th through June 19th. Enjoy! 5. 4-state pipeline project gets OK for large crude terminal WATFORD CITY, N.D. — A company proposing a $3.8 billion oil pipeline from western North Dakota to Illinois has received permission for a large crude terminal near Watford City, along with heavy ...

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North Dakota crude oil production slips slightly in April

BISMARCK, N.D. — The state Department of Mineral Resources says North Dakota’s crude oil production dropped slightly in April. The agency says the state produced an average of 1.16 million barrels of oil daily in April, down about 22,000 barrels from the March daily average. Data show North Dakota natural gas production increased slightly in April. The agency says 1.54 ...

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Federal fracking rule to cost ND income, jobs

If new federal hydraulic fracturing regulations go into effect later this month, North Dakota could potentially lose 1,900 jobs and $300 million annually in oil income, reports the Forum News Service (FNS). The federal rules set to take effect June 24 include new standards for constructing wells and for disclosing the chemicals used during the hydraulic fracturing process. A preliminary ...

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NYMEX – U.S. crude oil prices dip on surprise North Dakota output jump

SINGAPORE – Oil prices fell on Thursday morning after major U.S. oil producing state North Dakota posted a surprising output hike and ongoing high stocks were expected to weigh on import and production demand. Despite a slight draw in overall stocks, government data showed that U.S. crude inventories of almost 485 million barrels were still nearly 90 million barrels higher ...

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North Dakota House endorses revamp of state oil taxes

BISMARCK, N.D. — The North Dakota House endorsed a bill Monday that will cut an exemption for oil companies if crude prices continue to slide, in exchange for a lower and permanent flat tax rate. The House voted 57-32 to approve the measure that supporters believe offers predictability in crafting budgets, while opponents say it could cost the state billions ...

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N.D. sees second consecutive monthly drop in oil output

North Dakota’s oil production declined in February for the second consecutive month as drilling new wells slackened amid low oil prices. State regulators said Tuesday that February’s output was just short of 1.18 million barrels per day, down 50,435 daily barrels since December, which was the state’s all-time high. It was the first consecutive two-month drop since January 2011. The ...

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North Dakota oil production declines slightly in February

BISMARCK, N.D. — Oil production in North Dakota slipped slightly from January to February as crude prices continued to decline. State Mineral Resources Director Lynn Helms says production in February was 1.18 million barrels a day, down from 1.19 million barrels in January and a record 1.23 million barrels in December. The number of drilling rigs fell from 160 in ...

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Bakken oil drillers retreat to the core: Kemp

John Kemp is a Reuters market analyst. The views expressed are his own LONDON – North Dakota’s oil producers have pulled back to the core areas of the Bakken formation to cut costs and maximize output amid the slump in prices. The number of active rigs in the state has fallen to just 121, from 190 a year ago, according ...

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