Oil and Gas News from OilGasDaily.Com  
OIL AND GAS
North Dakota rig count up more than 10 percent
by Daniel J. Graeber
Bismarck, N.D. (UPI) May 31, 2016


disclaimer: image is for illustration purposes only

North Dakota saw the number of rigs activity exploring for or producing oil and gas increase by more than 10 percent from last week, state data show.

Data from the state government show 28 rigs in service early Tuesday, up 16 percent from last week. The increase follows a slow march toward $50 per barrel for West Texas Intermediate, the U.S. benchmark for the price of crude oil. WTI is up about 4 percent from last week.

Crude oil prices are still about 50 percent lower than they were two years ago, leaving energy companies with less capital to invest in exploration and production. Oil services company Baker Hughes reported no change last week in the total U.S. rig count. Year-on-year, however, the total U.S. rig count is 53 percent lower than it was for the same week in 2015. For North Dakota, the rig count for Tuesday is off by 65 percent from this date last year.

North Dakota, home to the Bakken shale oil reserve, last week broke a record low for rig counts set in July 2005 with 25 in service. The all-time low point for rigs in North Dakota is zero.

Rig counts serve as a loose barometer for the health of the oil and gas industry, which has been bruised by weak economics. Hess Corp., one of the more active players in North Dakota, said its first quarter spending on exploration and production was $544 million, down nevertheless 56 percent year-on-year.

Lynn Helms, the director of the state's oil and gas division, said energy companies working in the state are committed to running only a small number of rigs.

State data show oil production in March, the last full month for which figures are available, at 1.11 million barrels per day, a decline of about 1 percent from February. Natural gas production, however, reached an all-time high for the state last month at 1.7 million cubic feet per day.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
Barium leaches directly from fracked rocks, Dartmouth team finds
Hanover NH (SPX) May 26, 2016
Dartmouth College researchers are shedding light on the early chemical reactions in the organic sediments that would ultimately become the Marcellus Shale, a major source of natural gas and petroleum. The findings appear in the journal Geochimica et Cosmochimica Acta. The research extends an earlier study by the Dartmouth team. Both PDFs are available on request. Water injected into shale ... read more


OIL AND GAS
Changing the world, 1 fridge at a time

Could off-grid electricity systems accelerate energy access

EU court overturns carbon market free quotas

Global leaders agree to set price on carbon pollution

OIL AND GAS
Investment in energy storage vital if renewables to achieve full potential

Discovery could energize development of longer-lasting batteries

Power up when the temperature is down

Technique improves the efficacy of fuel cells

OIL AND GAS
Modified microalgae converts sunlight into valuable medicine

Alkol Biotech sells large batch of sugarcane bagasse for 2G ethanol testing

Industry Weighs in on Green Aviation Tech

Berkeley Lab scientists brew jet fuel in 1-pot recipe

OIL AND GAS
Russia, Kenya sign memorandum on nuclear cooperation, plan first NPP

Moscow, Yerevan discuss provision of Armenian NPP with fuel

Renewables take wind out of Hungary-Russia nuclear project

Nuclear power stations to join French strike

OIL AND GAS
UN climate talks flesh out landmark Paris pact

Trump casts shadow over UN climate talks

Burning all fossil fuels would scorch Earth: study

Climate Feedback site allows scientists to correct media errors

OIL AND GAS
Google to open Detroit-area autonomous car center

GM venture to recall over two million cars in China

Study shows tax on plug-in vehicles is not answer to road-funding woes

Google patent glues pedestrians to self-driving cars

OIL AND GAS
Hundreds of civilians flee Iraq's Fallujah area

Iraq forces launch assault on IS bastion Fallujah

UN urges 'safe corridors' for Iraqi civilians in Fallujah

Iraq's Fallujah operation gives PM political reprieve

OIL AND GAS








The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.