North Dakota oil production could see 'slow growth' in 2023
State mineral resources director Lynn Helms said oil companies are predicting slow growth in North Dakota oil production this year.
Helms said that comes on the heels of relatively flat production in 2022.
"We had hoped , projected, expected after meeting with oil and gas companies in February and March in Houston, that we might reach 1.2 million barrels per day by the end of the year," Helms said. "We didn't get there."
Helms said production was at 1.1 million barrels per day. And he said the industry is facing some headwinds in 2023.
"Price volatility is built into the equation, as well as resistance from the federal administration toward growing production and issuing federal leases," Helms said. "New rules are also coming into play about venting, flaring and emissions, methane and greenhouse gases."
Helms said the significant players in North Dakota's production are talking about one or two percent growth.
Helms was asked what he thinks it would take to grow production in North Dakota.
"$98 oil, and workforce," Helms said.
Helms said there are still a lot of jobs available in North Dakota’s oil industry.