North Dakota Oil Production Gassier than Ever, Regulators Say
North Dakota’s oil production contained its highest share of associated natural gas in history during June, according to state regulators.
North Dakota’s oil production contained its highest share of associated natural gas in history during June, according to state regulators.
North Dakota produced 3.51 Bcf/d of natural gas in May, up 0.5% from April, despite a 3.9% month/month decline in oil output and an oversupplied gas market.
Lower 48 stalwart Devon Energy Corp. has taken a leap into the super-charged acquisition game, with a goal to triple its Williston Basin production, by snapping up private equity-backed Grayson Mill Energy LLC in a $5 billion cash-and-stock takeover.
North Dakota’s natural gas production growth surpassed that of oil in April, reflecting rising gas-to-oil ratios (GOR) in the Bakken Shale formation, the state’s top oil and gas regulator said.
Natural gas production in North Dakota averaged 3.36 Bcf/d in February, up 12% month/month, according to the state’s Department of Mineral Resources (DMR).
Natural gas prices in North Dakota continue to languish at nearly 30-year lows amid nationwide oversupply, according to the state’s top oil and gas regulator.
Oil producers in North Dakota’s Bakken Shale are facing the lowest natural gas prices in nearly three decades, according to the state’s top regulator.
An anticipated barrage of Arctic air could usher in one more blast of winter weather this month, eating into underground inventories of natural gas and providing an injection of upward momentum into the market when price bulls need it the most.
Total active U.S. natural gas rigs decreased by one to 119 for the week ended Friday (Jan. 26), while an uptick in Permian Basin activity helped lift the combined domestic tally one rig overall to 621, according to the latest count from Baker Hughes Co. (BKR).
North Dakota energy regulators expect a modest uptick in Bakken Shale oil production this year, though challenges persist around managing the immense volumes of liquids-rich natural gas extracted as a byproduct.