The latest initial oil and gas production figures have been released by the North Dakota Department of Mineral Resources. Total oil production for the month of October was reported at 23,164,406 barrels, compared to 21,877,429 barrels reported for September. The natural gas production total was 24,677,309 mcf, compared to 23,874,169 mcf in September. The October producing well total was 8,025, compared to 7,899 in September. All three totals are new record highs. The following summary from the Department of Mineral Resources accompanied today's release of the latest production data...
October saw a decline in drilling and an even greater decline in hydraulic fracturing resulting in a 2.5% oil production rate increase from September. Rig count has declined further to around 180 as more operators transition to higher efficiency rigs and implement cost cutting measures at the end of their 2012 capital budgets. The idle well count rose sharply indicating an estimated 340 wells waiting on fracturing services. Rapidly escalating well costs that consumed capital spending budgets faster than many companies anticipated and uncertainty surrounding future federal policies on taxation and hydraulic fracturing are impacting capital investment decisions. Over 95% of drilling still targets the Bakken and Three Forks formations.
Source: North Dakota Industrial Commission
October saw a decline in drilling and an even greater decline in hydraulic fracturing resulting in a 2.5% oil production rate increase from September. Rig count has declined further to around 180 as more operators transition to higher efficiency rigs and implement cost cutting measures at the end of their 2012 capital budgets. The idle well count rose sharply indicating an estimated 340 wells waiting on fracturing services. Rapidly escalating well costs that consumed capital spending budgets faster than many companies anticipated and uncertainty surrounding future federal policies on taxation and hydraulic fracturing are impacting capital investment decisions. Over 95% of drilling still targets the Bakken and Three Forks formations.
Source: North Dakota Industrial Commission
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