. Military Space News .
OIL AND GAS
North Dakota continues shedding rigs
by Daniel J. Graeber
Bismarck, N.D. (UPI) Feb 8, 2016


disclaimer: image is for illustration purposes only

Lower crude oil prices continued to pressure upstream operations in North Dakota as the state shed two rigs since last week, state data show.

The state government shows 42 rigs in service as of Monday, down two from the number reported last week. The all-time low point is zero and the current rig count breaks the most recent low of 45 reported in August 2009. On this date in 2012, the state reported 202 rigs were actively exploring for or producing oil or natural gas in the state.

Crude oil price volatility suggests markets may be approaching their bottom, though prices are still around 70 percent below mid-2014 levels above $100 per barrel. West Texas Intermediate, the U.S. benchmark for the price of crude oil, was trading near $30 per barrel early Monday.

Low crude oil prices leave energy companies with less capital to invest in upstream operations, the exploration and production side of the industry. In January, U.S. upstream player Hess Corp. said it was cutting planned spending for exploration and production for the year by 20 percent to $2.4 billion.

Continental Resources, one of the largest energy companies working in North Dakota, said weakness in the energy sector will manifest itself in a slow decline in overall production through 2016.

The North Dakota Industrial Commission said operators working shale basins in the state are committed to deploying few rigs across the state as low crude oil prices put negative pressure on the industry.

North Dakota oil production for November, the last full month for which data are available, was relatively unchanged from the previous month at 1.17 million barrels per day, but about 4 percent below the all-time record set in December 2014.

Total gas production for North Dakota was 1.6 million cubic feet per day, a new all-time record.

The state government in mid-November reported 64 rigs in active service in the state.


Thanks for being here;
We need your help. The Space Media 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.
SpaceMediaNetwork Contributor
$5 Billed Once


credit card or paypal
SpaceMediaNetwork 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
House scoffs at Obama's proposed $10 oil fee
Washington (UPI) Feb 08, 2016
Republican leaders in the U.S. House said a White House proposal to impose a $10-per-barrel tax on U.S. oil stands no chance of gaining legislative traction. President Barack Obama proposed an additional fee on crude oil, calling for a $10-per-barrel tax to be phased in over five years to help fund new vehicle technology, rail initiatives and cleaner transportation systems. U.S. ... read more


OIL AND GAS
Raytheon developing radar upgrade for Patriot system

Boeing, Northrop Grumman conduct missile system flight test

Raytheon, MDA test new thruster for EKV missile

Japan orders military to prepare to destroy N. Korea missile

OIL AND GAS
U.S. Navy requests 4,000 Tomahawk cruise missiles in budget

Russia's cutting-edge S-500 missile system to begin tests this year

Raytheon to research tactical missile capabilities

US says stands by Iran missile sanctions

OIL AND GAS
US drone strike kills top Qaeda chief in south Yemen: family

Israeli, South Korean firms forming JV for UAV production

Britain set to buy two Zephyr spy drones from Airbus

Armed US Predator drone crashes in Turkey

OIL AND GAS
ViaSat tapped to provide tactical terminals for Apache helicopters

Harris wins place on military communications contract

General Dynamics MUOS-Manpack radio supports government testing of MUOS network

Raytheon to produce, test Navy Multiband Terminals

OIL AND GAS
New material lights up when detecting explosives

Israel begins testing Trophy system on Namer troop carriers

Two US generals in favor of the draft for women

Lockheed Martin, AEC Sniper ATP center opens in Saudi Arabia

OIL AND GAS
Russia proposes licensed production of T-90S tanks in Iran

CACI completes acquisition of L-3 NSS Inc.

PZL challenges Polish MOD contract decision

Engility continues DOD classified engineering, intel support

OIL AND GAS
Latvia up in arms over BBC's Russian invasion drama

US open to joint patrols in South China Sea with Philippines: envoy

Pope Francis under fire over China 'Realpolitik'

Ukraine economy minister resigns citing stalled reforms

OIL AND GAS
Nanosheet growth technique could revolutionize nanomaterial production

New type of nanowires, built with natural gas heating

New record in nanoelectronics at ultralow temperatures

Nano-coating makes coaxial cables lighter









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.