![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() by Daniel J. Graeber Bismarck, N.D. (UPI) Aug 1, 2016
Ahead of a special legislative session to review the state budget, North Dakota state data show a modest recovery underway in oil and gas exploration activity. State data show 35 rigs actively exploring for or producing oil and gas as of Monday, an increase of nearly 10 percent from last week. The move in North Dakota mirrors developments elsewhere in the United States, where relative stability in crude oil prices, since a collapse below $30 in early 2016, is building confidence in the industry. For the fifth week in a row, oilfield services company Baker Hughes reported an increase in exploration and production activity in the United States. Gauged by rig counts across the country, activity increased about 1.5 percent for the week ending July 15. Nevertheless, the North Dakota rig count is still down more than 50 percent from this date in 2015. Faced with a potential budget crunch, the state's governor called for a special legislative session Tuesday to review the situation. In a mid-July executive order, North Dakota Gov. Jack Dalrymple called for the special session "to make needed adjustments to the state budget due to lower than forecasted tax revenue totals." Without a course correction, the state estimates its general fund will be short about $310 million by the end of the current biennium. State data show crude oil production in May, the last full month for which data are available, was 0.5 percent higher than the previous month to average 1.04 million barrels per day. The all-time high was 1.23 million bpd in December 2014. May rig counts in North Dakota were at or near record lows. The all-time low point for rigs in North Dakota is zero.
Related Links All About Oil and Gas News at OilGasDaily.com
|
|
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. |