The North Dakota rig count is bouncing back as water levels recede. An all time record 184 rigs are active in North Dakota. Recent floods had limited operations, but things seem to be headed up again. The Bakken Shale that produces from Montana and North Dakota now accounts for more than 7% of US crude oil production. What an oil boom!
“As of Wednesday, a record 184 rigs were drilling new holes, said Bruce Hicks, assistant director of the oil and gas division of the state’s Department of Mineral Resources, which regulates the Oil Patch.”"That is six more rigs than the previous record earlier this year and the first time it’s gone above 180.”
“The industry rule of thumb holds that each drilling rig represents 120 jobs, directly and indirectly, so the total rig count indicates about 22,000 jobs in the Oil Patch.”
“Meanwhile, crude oil production also hit a record in May of 361,438 barrels per day, after falling back a little in April due in part to the wet spring conditions. That represents about 6.5 percent of U.S. crude oil production, another record for the state.”
Read the full news release at GrandForksHerald.com