North Dakota oil companies speed up well completions as prices rise, state regulator says
USO•North Dakota oil production rose 3,000 barrels per day to 1.161 million bpd in August, while the number of producing wells reached a record 20,177. State officials said the time between drilling and preparing wells for production has roughly halved since the start of the year.
1. Faster well completions
North Dakota oil and gas companies are moving wells into production more quickly as crude prices rise, state officials said. The time between drilling and preparing wells for production has roughly halved since the start of the year, said Richard Suggs, a geologist with the state's Oil and Gas Division.
2. Production and prices
The state’s oil production rose by 3,000 barrels per day to 1.161 million bpd in August, the latest available data, and producing wells reached a record 20,177. North Dakota crude averaged about $4.21 per barrel below West Texas Intermediate through August. In July, West Coast refiners paid $93.51 per barrel for North Dakota crude, compared with $88.27 on the East Coast.
3. Drilling activity
North Dakota had 36 drilling rigs operating, up from 34 in September, and eight active hydraulic fracturing crews. State officials said refinery demand remained strong, while refinery utilization rates were above 80% despite easing as plants entered the September-through-November maintenance season.
