Oil production jumped 17% in May

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NORTH DAKOTA (KXNETName) – Oil production here in the state has nearly recovered from what was lost in April due to blizzards.

In this month’s Director’s Cut, the state’s oil production continues to rise.

In April, oil production averaged just over 9,000 barrels per day, leading to a decrease in US storage volume of nearly six million barrels.

Now, in May, according to the latest numbers available for the state, North Dakota jumped to more than one million barrels, an increase of 17%.

According to Lynn Helms, the state’s director of mineral resources, that puts the Bakken just 60,000 barrels per day behind what is generally expected.

Organizers say North Dakota should also expect a significant increase in natural gas this month, bringing us closer to a 2% production increase for the year.

And the price per barrel for the month of May remained nearly double the revenue forecast.

Natural gas also saw a similar increase, with 14%, keeping the gas/oil ratio constant.

Helms went on to say that well permits and the number of rigs continue to increase, saying that’s a big plus for an industry that’s struggling to find workers.

“So as of this week it looks like we have 18 fracking crews running, that’s a big improvement. Before COVID we had 25, as you remember, and we’ve stayed pretty stable, today’s rig count is in line with June’s average of 42,” said Lynn Helms, North Dakota Mineral Resources Manager.

North Dakota is expected to see those numbers continue to rise in the coming months.


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