Connect with us

Business

North Dakota Oil Production Continues Slow Resurgence, But Expert Warns Trend Won’t Continue

Avatar

Published

on


After North Dakota hit one million barrels of daily production in July for the first time since the start of the pandemic, the state brought a handful of additional drilling rigs online and added more than 122,000 barrels of production in the latest state report.

Still, North Dakota Oil and Gas Director Lynn Helms said Friday, Oct. 16 that consecutive months of growth shouldn’t necessarily be interpreted as a sign of a recovery in the oil economy. As with last month’s report, Helms attributed a significant portion of the new growth to industry concern over a possible Joe Biden presidency, which he says has prompted producers to step in while they are. may again, predicting that a less fossil-fuel-friendly administration could lock in new drilling projects.

In addition to short-term growth figures in the Bakken, Helms last reported on the state’s plugging and reclamation program, the $ 66 million CARES Act allocation designed to restore wells abandoned oil tank and put back the oil workers without field work. .

On that front, Helms said the Mineral Resources Department failed to meet its original goal of plugging and recovering 400 wells, prompting the department to file a request with the State Emergency Commission. for approval to reuse nearly $ 17 million of funds allocated to CARES.

WDAY logo
Newsletter subscription for email alerts

As the winter freeze approaches, Helms said the program will not have time to recover about 50% of targeted wells. He highlighted the unforeseen tenders and legal issues that delayed the start of the program.

A lot of that pushed those confiscations to six or eight weeks, so we lost a month and a half to two months because of the lengthening of the legal process and then the contracting process to get the contractors engaged, Helms said, noting the claims program. , which was approved in June, was only fully staffed last week.

To exceed the Dec. 31 deadline imposed by the federal government for CARES spending, the ministry hopes to designate unused funds for the reclamation of oil company grants for hydraulic fracturing work, which Helms says would employ between 500 and 1,000 workers in the petroleum sector before the end of the year. and generate significant tax revenues for the state.

Wells that have not been restored would still be recovered with non-CARES funding next summer.

Helms also set out his expectations for the rest of the year after next month’s presidential election, predicting that a Biden victory could spark an industry rush to drill new wells ahead of inauguration day in January. While much of the presidential conversation revolved around speculation about Bidens’ stance on hydraulic fracturing, Helms noted that drilling permits would be the highest priority for companies ahead of an administration rollover.

If you get it drilled, you can fracture it, but if you don’t get a license to drill, there’s not much you can do there, he said.

As the economic ripples from the pandemic continue to extend into the fall, crude oil prices have struggled to stay above the $ 40 mark, leaving the Bakken region well below the mark. threshold generally necessary to justify sustained production.

North Dakota producers have burned 8% of the natural gas released during the oil production process, clearing states’ target of limiting flaring to 9%, starting early next month.

Readers can contact Adam Willis, Forum reporter, member of the Report for America Corps, at [email protected]

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos



picture credit

ExBUlletin

to request, modification Contact us at Here or [email protected]