North Dakota Reports Record Oil and Gas Production
The June 2019 Director’s Cut was released last week, on August 15, 2019, by Director Lynn Helms, NDIC Department of Mineral Resources – a full copy of the June 2019 Director’s Cut can be found here. It contained some noteworthy info…
The June 2019 Director’s Cut reported the following new all-time high production records in North Dakota:
June 2019 Oil Production was 1,424,625 barrels/day and originated primarily from the Bakken and Three Forks
June 2019 Gas Production was 2,876,689 MCF/day
In addition, the June 2019 Director’s Cut reported that the number of producing wells increased (based off of preliminary numbers at the release date of the June 2019 Director’s Cut) by approximately 38 wells, also reaching a new all-time high number.
While the statewide rig count for North Dakota is significantly lower than the monster rig count numbers reached back in 2012, as of August 15, 2019 the North Dakota rig count was 61 and the estimated number of wells waiting on completion from end of May to end of June was 983 wells, according to the June 2019 Director’s Cut.
Reaching these all-time high production records this summer is certainly noteworthy.
What is the TAKEAWAY here? North Dakota oil and gas production is sitting pretty and is currently bolstering not just the local economy, but it has been improving the economy of the United States as a whole as well.
According to Natural Gas Intel’s Shale Daily article entitled Lower 48 Oil Boom, Particularly in Texas and North Dakota, Spurring U.S. GDP, North Dakota’s growth in domestic oil production over recent years has been a key part of the drilling expansion that added as much as 1% to the U.S. gross domestic product (GDP) from 2010-2015.
Thanks to the all-time high production records that were set in North Dakota in June, it looks as though this trend will continue.