June shows mixed results in North Dakota oil industry
BISMARCK, N.D. (KFYR) - Reports on North Dakota’s oil and gas industry show mixed results during June 2021.
As a state, North Dakota oil production dropped from May to June, but rig counts increased sharply from 3 to 22.
The number of well completions has been low since April of 2020, but has been recovering steadily as global demand rebounds.
“The Bakken at this point is a sleeping giant. The COVID pandemic kind of put the industry to sleep and it’s struggling somewhat to wake up,” said Lynn Helms of the North Dakota Department of Mineral Resources.
Other information of note, a recent study from the University of Wyoming estimated a ban on drilling permits and hydraulic fracturing on federal lands can total $370 million dollars of federal royalty loss over 15 years.
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