Friday, February 17, 2012

Active Rigs in North Dakota Plummet to 195

Record was 205

Link here (it's a dynamic link and the number will change over time).

Chesapeake said earlier they were reconsidering its activity in North Dakota.

OXY USA said it was redeploying rigs from North Dakota to California.

DNR took 66,000 net acres off their books.

One Canadian oil sands company halted operations temporarily due to oil glut at receiving terminals.

Could we see, in the next Director's Cut, the first time in many months an actual decrease in production month-over-month? Will North Dakota fail to jump to #2 in oil production among the states? Or are the operators getting more efficient with multi-well pads and shorter drilling times? Can they do more with less?

Stay tuned.

Remember: the record number of rigs was 205.  I assume if the decline continues, we will see an in-depth story in The Dickinson Press.

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