Oil Production Drops Slightly In January
Division of Mineral Resources Director Nathan Anderson released the Director’s Cut for March on Thursday, Mar. 19. The report shows that oil production dropped just .12% in January, while gas production decreased just .72%.
Oil production in January was 34,867,744, or 1,124,766 barrels per day, dropping just .12% from December’s production of 34,910,916 barrels, or 1,126,159 barrels per day. Production in January still remained 2.19% below the revised revenue forecast based on 1,150,000 million barrels per day. 1,095,985 barrels per day, or 97.4% came from Bakken and Three Forks wells, and 28,781 barrels per day, or 2.6%, came from legacy pools.
Oil production in Mountrail County went from 6,561,765 in December to 6,125,797 in January. There were 3,533 wells producing in December, rising to 3,577 in January with 4,153 wells capable of producing. Production in Mountrail County was fourth behind McKenzie, Williams and Dunn Counties, respectively. 32.7% of the state’s production comes from McKenzie County with the top five counties accounting for 96.2% of the state’s production.
The price of ND Light Sweet Crude on the North Dakota Market averaged $50.95 in December, rising to $53.27 in January. The revenue forecast was adjusted and lowered to an average of $59.00 per barrel, meaning that the January price was 9.7% below that revised forecast. The price of crude has been impacted greatly since the war in Iran began, with the WTI oil price sitting at $94.11 in March.
Gas production went from 103,729,941 MCF in December to 102,994,694 MCF in January, a decrease of .72%. Gas production in Mountrail County went from 14,581,144 MCF in December to 13,972,539 in January. Production in Mountrail County sits fourth behind McKenzie, Williams, and Dunn counties, respectively.
There were 85 wells permitted in December, 73 in January and 60 in February. 83 wells were completed in December, 63 in January and 60 in February. There are 339 wells waiting on completion.
The rig count was at 27 in December, 26 in January and February, with the current rig count at 25 as of Thursday, Mar. 19.
There were 19,256 wells producing in December, dropping to 19,244 in January. The total number of producing wells is down 12, month over month, while the number of inactive wells increased by 274, month over month. The number of producing wells hit an all-time high in October.
Looking at Fort Berthold Reservation activity, oil production was at 142,742 per day, increasing 4.4% from December’s figures of 136,745 barrels per day. The rig count has dropped back down to one. Of the 3,013 active wells, 710 are on fee land and 2,303 are on trust land. There are currently 139 active permits, 135 on trust land and 4 on fee land.
The state-wide gas flared volume increased by 6.3 MMCF/D to 157.6 MMCF/D. The statewide gas capture remained increased to 95.3%, while Bakken gas capture decreased to 95.6%. Gas capture details are as follows: Statewide, 95.3%; Statewide Bakken, 95.6%; Non-FBIR Bakken, 95.4%; FBIR Bakken, 96.8%; Trust FBIR Bakken, 96.8%; and Fee FBIR, 96.6%.