North Dakota’s December oil production fell slightly, compared with November.
"It fell 5000 barrels per day from November production," said North Dakota Mineral Resources director Lynn Helms, at his monthly "Director's Cut" briefing. "We were hoping to hit the 1.3 million barrel a day number by year end, and we ended up just two percent short of that."
But Helms said 2023 started out at the one million barrel per day mark.
"So, what you're looking at is a 27 percent increase in production, from the beginning of 2023 to the end of 2023," Helms said.
Helms said production was 16 percent over the state revenue forecast. He said the price per barrel was about 7 percent lower than the forecast. But Helms said right now, the oil price is back above forecast.
"We're back in what I consider the 'sweet spot' — $70 to $75 per barrel," Helms said. "That really brings robust capital investment."
And Helms said he expects the state will soon be back producing more than 1.3 million barrels per day.
