Space Industry and Business News  
OIL AND GAS
North Dakota showing little rig movement
by Daniel J. Graeber
Bismarck, N.D. (UPI) May 2, 2016


disclaimer: image is for illustration purposes only

Despite a rally in oil prices of around 30 percent, the number of rigs deployed in shale-rich North Dakota is steady for the fifth straight week, data show.

State data from North Dakota, the No. 2 oil producer in the United States, show 29 rigs deployed across the state as of Monday morning local time, unchanged for the day since April 4. North Dakota entered April with a rig count below 30 for the first time in years as crude oil prices traded at $36.05 per barrel and left the month with little to no movement despite a price rally for the month of roughly 30 percent.

Economists have said the supply-side pressures that pushed oil prices sharply lower last year are starting to fade, though few expect prices to recover to the $100 norm from two years ago. North Dakota's rig count, which serves as a loose gauge for the health of the overall energy sector, is 65 percent lower than this date last year, when oil was selling for about $64 per barrel.

Lynn Helms, director of the North Dakota Department of Mineral Resources, said last month that pressure from lower crude oil prices meant companies working in the state were "committed to running the minimum number of rigs."

Oil remains under pressure, albeit weakening, from a market tilted toward the supply side as demand falters in a lackluster global economy. Last week, Hess Corp. which holds about 10 percent of the rigs in service in North Dakota, reported net production from the Bakken shale reserve area in North Dakota in Montana was up 2.7 percent from the fourth quarter to 110,000 barrels of oil equivalent per day.

Oil production in North Dakota as of February, the last full month for which the state has data, was 1.1 million barrels per day, down about 0.3 percent from January and nearly 9 percent below the all-time high recorded in December 2014.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
PetroChina posts first quarterly loss since listing
Shanghai (AFP) April 29, 2016
PetroChina shares plunged on Friday, after the Chinese energy giant posted its first quarterly loss since listing overseas 16 years ago, as it struggled with the weak domestic economy and lower international oil prices. PetroChina lost 13.79 billion yuan ($2.14 billion) in the first quarter, reversing from a gain of 6.15 billion yuan for the same period a year ago, it said in a statement to ... read more


OIL AND GAS
Exploring phosphorene, a promising new material

3D-printed foam proves more durable than traditional cellular materials

Augmented games can increase the diversity of sports

Speedy bridge repair

OIL AND GAS
Elbit receives European order for tactical radios

Haigh-Farr showcases Antenna Solutions at DATT Summit

U.S. Army orders radios for Mid-East, African countries

Harris supplies tactical radios to African country

OIL AND GAS
India to test Reusable Launch Vehicle in June

Soyuz meets its multi-satellite payload for Friday's Arianespace launch

Europe makes fourth attempt to launch Russian rocket

Sentinel-1B in position for liftoff

OIL AND GAS
ISRO Begins Countdown for Launch of Final IRNSS Navigation Satellite

GPS technology keeps eagle eye on elusive powerful owls

Advanced self-propelled Russian rifle gets satellite-navigated shells

India to Launch Navigation Satellite on April 28, Complete Full System

OIL AND GAS
China Eastern Airlines to buy 35 planes from Airbus and Boeing

Boeing wins $4bn aircraft order from China Eastern

Saab picks Brazilian firm for Gripen fighter training gear

Prototype Japanese stealth fighter makes maiden flight

OIL AND GAS
Spintronics for future information technologies

Making electronics out of coal

New technique to probe 'noise' in quantum computing devised

Nature Photonics: Light source for quicker computer chips

OIL AND GAS
Libya's Haruj volcanic field spotted from space

Satellite data latest tool in Indonesia's fight against illegal fishing

China's Earth observation satellite assists Ecuador quake relief

Sentinel-1B launched to complete radar pair

OIL AND GAS
Tonnes of clams die in Vietnam as toxic leak fears mount

Computers play a crucial role in preserving the Earth

Riviera beaches spared as Italy oil slick dissolves

Champs-Elysees to be pedestrianised once a month to combat smog









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.