North Dakota’s Mineral Resources Director says September was a good month for oil and gas production.
"Oil production was up 4 1/2 percent," said Lynn Helms, in his monthly "Director's Cut" briefing. "Gas production was up just about the same, at 4 percent."
Helms said oil production was just under 1.3 million barrels per day, and natural gas production was more than 3.4 billion cubic feet per day — a new record for natural gas.
"We're closing in on 3 1/2 billion cubic feet per day," Helms said.
Gas capture remains at 95 percent, but Helms said that was also a record volume of gas captured.
As for the revenue from oil and gas taxes, as well as oil prices, Helms said they are well-above the Legislature’s revenue forecast – and that means state government, as well as local governments, will benefit from the extra cash.
"Money from this extra revenue will end up in every township and county in North Dakota," Helms said. "Every single citizen is going to be touched by what happened in September."
But Helms is sounding a word of caution about October’s numbers.
"You know what happened — we had a major storm," Helms said. "And we saw what we think looked like a 50,000 to 90,000 barrel a day hit on production, that lasted for three or four days."
The October numbers will be available in the December “Director’s Cut.”
