North Dakota rig count at lowest since 2005 by Daniel J. Graeber Bismarck, N.D. (UPI) May 16, 2016
At 27, the number of rigs actively exploring for or producing oil or natural gas in North Dakota is the lowest it's been in more than a decade, state data show. The government reports 27 rigs in service as of Monday, relatively stable when compared with recent weeks. The rig count ties the all-time low reported in July 2005 and comes at a time when energy companies are spending less on exploration and production because of lower crude oil prices. Of the 15 states surveyed by oil services company Baker Hughes, only two -- California and New Mexico -- reported an increase in rig activity for the week ending May 13. Rig data from Baker Hughes show the number in North Dakota, the No. 2 oil producer in the nation, dropped to 24 at some point last week. Texas, the No. 1 oil producer, saw its rig count decline by 7, or 3 percent, from the previous week. The trend in North America is a reflection of lower spending and is in part behind the decline in the region's crude oil production. Globally, the Organization of Petroleum Exporting Countries said in its latest monthly market report it estimated about $290 billion was cut from spending plans. Following two years of steady gains in production, OPEC said the decline in the United States would be around 430,000 barrels per day. Overall, the monthly report found production from suppliers outside the 13-member group will decline heavily, with growth only expected in a few countries like Canada and Russia. In North Dakota, Lynn Helms, the director of the state's oil and gas division, said last week that energy companies working in the state are committed to running only a small number of rigs. State data show oil production in March, the last full month for which figures are available, at 1.11 million barrels per day, a decline of about 1 percent from February. Natural gas production, however, reached an all-time high for the state last month at 1.7 million cubic feet per day.
Related Links All About Oil and Gas News at OilGasDaily.com
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |