North Dakota’s oil production continues to outpace what the latest state revenue forecast predicted.
Richard Suggs of the state Department of Mineral Resources gave the monthly “Director’s Cut” briefing, which contains the August production report. He told reporters production was up slightly from the July number.
"August reporting 36 million, four thousand 228 barrels, or 1,161,427 barrels per day," Suggs said. "That's sitting at 5.58 percent above the revenue forecast from August, of 1.1 million barrels per day. That's a 2.4 percent increase from July to August."
Suggs said there are 31 drilling rigs working in the Bakken right now, and there are 8 frac crews. He said oil prices are also above the forecast.
"The North Dakota realized oil price for August was $76.14 per barrel," Suggs said. "That was up 33.6 percent from the revenue forecast, and up from July, which was $75.56."
Suggs also said the oil companies are faster in getting drilled wells into production, continuing a trend over the past few months.
"Some of that may be attributed to increases in efficiency," Suggs said. "But likely, that's been a response to elevated oil prices, and operators moving more quickly to move wells to production as soon as possible, to capitalize on those elevated prices."
Natural gas capture rates remain high, at 96 percent.
