North Dakota oil production regains million barrel mark.
North Dakota reported 1.04 million barrels of crude oil per day for July and nearly 2.1 billion cubic feet per day of natural gas production. The state also reported a 91% gas capture rate.
That represents a 16.5% increase in production for both oil and gas, and a 19% increase in gas capture volumes.
But there haven’t been enough new well completions to make these production gains sustainable, North Dakota Director of Mineral Resources Lynn Helms said.
It takes around 70 new wells per month to sustain production in the range of 1.25 million barrels per day. In May, however, just 12 wells were completed, Helms said. In June, 37 were completed and in July 59.