Oil Production Rises Slightly In March
Division of Mineral Resources Director Nathan Anderson released the Director’s Cut for May on Friday, May. 22. The report shows that oil production rose .81% from February to March, while gas production rose 2.24% for the same timeframe.
Oil production in March was 35,424,484 barrels, or 1,142,725 barrels per day, up .81% from February’s production of 31,740,632 barrels, or 1,133,594 barrels per day. Production in March was .63% below the revised revenue forecast based on 1,150,000 million barrels per day. 1,112,196 barrels per day, or 97.3% came from Bakken and Three Forks wells, and 30,529 barrels per day, or 2.7%, came from legacy pools.
Oil production in Mountrail County went from 5,599,683 barrels in February to 6,372,209 barrels in March. There were 3,649 wells producing in February, rising to 3,699 in March with 4,157 wells capable of producing. Production in Mountrail County was fourth behind McKenzie, Williams and Dunn Counties, respectively. 31.8% of the state’s production comes from McKenzie County with the top five counties accounting for 96.3% of the state’s production.
The price of ND Light Sweet Crude on the North Dakota Market averaged $57.74 in February, rising to $84.33 in March. The revenue forecast was adjusted and lowered to an average of $59.00 per barrel, meaning that February price was 42.9% above that revised forecast. The price of crude has been impacted greatly since the war in Iran began, with the WTI oil price sitting at $101.02 on May 22.
Gas production went from 95,039,945 MCF in February, to 107,562,855 MCF in March, an increase of 2.24%. Gas production in Mountrail County went from 13,097,103 MCF in February to 14,886,092 MCF in March. Production in Mountrail County sits fourth behind McKenzie, Williams, and Dunn counties, respectively.
There were 60 wells permitted in both February and March, rising to 83 in April. 60 wells were completed in February, 55 in March, and 60 in April. There are 353 wells waiting on completion.
The rig count was at 26 in February, dropping to 25 in March, and going back up to 26 in April, which is where the count remained on Friday, May 22.
There were 19,415 wells producing in February, rising to a new all-time high of 19,639 in March. The total number of producing wells is up 224, month over month, while the number of inactive wells decreased by 695, month over month.
Looking at Fort Berthold Reservation activity, oil production was at 149,876 barrels per day, increasing 2.1% from February’s production of 146,829 barrels per day. The rig count dropped to zero. Of the 3,024 active wells, 710 are on fee land and 2,314 are on trust land. There are currently 143 active permits, 143 on trust land and 6 on fee land.
The state-wide gas flared volume decreased by 6.5 MMCF/D to 130.0 MMCF/D. The statewide gas capture increased to 96.3%, while Bakken gas capture increased to 96.6%. Gas capture details are as follows: Statewide, 96.3%; Statewide Bakken, 96.6%; Non-FBIR Bakken, 96.6%; FBIR Bakken, 96.6%; Trust FBIR Bakken, 96.7%; and Fee FBIR, 95.9%.