(BOE Report) – Oil and gas operators in North Dakota have indicated they plan to drop rigs and frac crews due to weaker oil prices, a move that is likely to impact output in the third largest U.S. oil producer, the state’s Department of Mineral Resources said on Friday. Oil producers have started to slow output, dropping rigs, as prices
(BOE Report) – NEW YORK (Reuters Breakingviews) – Oil fields are just as quick to make fortunes as break them. The 1901 Spindletop gusher in Texas jumpstarted the petroleum age, crashing oil prices. A mere two years later, over-extraction drove the field into decline. Sure, today’s industry is far larger and more sophisticated. But even in the mighty Permian Basin, which
(BOE Report) – North Dakota oil production was estimated to be down between 130,000 and 160,000 barrels per day (bpd) as of Thursday morning due to the recent extreme cold and related operational challenges, the state’s pipeline authority said. Associated wellhead natural gas production was estimated to be down 0.37-0.45 billion cubic feet per day, said Justin Kringstad, director of
(World Oil) – Empire Petroleum Corporation announced that it has entered into an amendment to its Revolver Loan Agreement with Equity Bank, increasing the total principal commitment to $20.0 million, up from an initial $10.0 million through December 29, 2026. Currently, Empire has approximately $8.4 million borrowed on the $20.0 million facility. The loan is secured by assets from two of
World Oil (Bloomberg) – Oil rigs in the Permian and Bakken basins of the U.S. are producing at the most efficient rates in about 13 years, leading Macquarie Group analysts to predict the country’s crude production will top most consensus views. Rigs in the Midland basin of Texas and New Mexico drilled an average of 47 miles of horizontal lateral
World Oil (WO) – Rocky Mountain oil and gas company Zephyr Energy plc provided an update on its project in the Paradox basin, Utah, and its non-operated project in the Williston basin, North Dakota. Paradox project. Zephyr’s operations team continues to progress planning for the forthcoming “twinned” redrill of the State 36-2 well. In late 2023, to ensure an optimal
Oil Price North Dakota’s production of crude oil is returning to full force at a quicker pace than first suggested by authorities, new data from the state’s regulator showed on Friday. Crude oil production in the Peace Garden State is now down by between 30,000 and 80,000 bpd after extreme cold led to operational challenges. Associated natural gas production—the natural
World Oil (Bloomberg) – Freezing temperatures sweeping the U.S. shut in more than half of North Dakota’s oil production and curbed refinery operations in Texas. The outage in the second-largest U.S. shale basin briefly lifted West Texas Intermediate futures. Physical oil prices also rose on the Gulf Coast as Midwest refiners seek alternatives to North Dakota’s Bakken oil. As much
World Oil (Bloomberg) – North Dakota’s Bakken shale field — once the largest and busiest American shale patch — is showing signs of age, threatening to hold back U.S. oil production as the world thirsts for more crude. Mature wells that are producing more gas than expected are hurting crude output from the Bakken, the Energy Information Administration said in
Reuters NEW YORK – North Dakota is suing the U.S. government on claims the Department of the Interior and the Bureau of Land Management illegally canceled oil and gas lease auctions in the state. The complaint, filed late Wednesday with the United States District Court for the District of North Dakota Western Division, said March and June auctions nixed by
EIA Oil & Gas 360 Publishers Note: Great report from the EIA – However I have one question – How will all of the people leaving the major population centers change this report? According to the latest data estimates in the U.S. Energy Information Administration’s (EIA) State Energy Data System (SEDS), people in geographically large states with small populations, such as Alaska,
EIA Between December 2019 and May 2020, crude oil output in North Dakota fell from an average of 1.5 million barrels per day (b/d) to 0.9 million b/d, a decline of more than 615,000 b/d (41.6%). This production decline is greater than it would have been if producers solely halted new drilling and allowed production from current wells to naturally
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