. Military Space News .
OIL AND GAS
North Dakota rig count unchanged
by Daniel J. Graeber
Bismarck, N.D. (UPI) Apr 25, 2016


disclaimer: image is for illustration purposes only

The number of rigs in service in North Dakota, the No. 2 oil producer in the United States, held steady despite last week's rally in oil prices, data show.

State data show 29 rigs actively exploring or producing oil and natural gas in the state, unchanged from the previous week, but steady at the lowest level in roughly a decade. In a mid-April report on state operations, Lynn Helms, director of the North Dakota Department of Mineral Resources, said that pressure from lower crude oil prices meant companies working in the state were "committed to running the minimum number of rigs."

Rig counts serve as a loose barometer for the health of the energy sector. North Dakota's rig count for Monday is 65 percent lower than this date in 2015 and 86 percent lower than the level in 2012. The all-time low point is zero.

For the fifth week in a row, oil services company Baker Hughes reported a decline in rig activity in North America, with a 2 percent drop to 431. Last year's count for the week ending April 22 was 932.

Lower oil prices means less capital is available for energy companies to invest in exploration and production activity. Crude oil prices, however, are up 22 percent from the start of April as market investors take stock of expected declines in total U.S. oil production and rumors of a production freeze among some members of the Organization of Petroleum Exporting Countries.

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.

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 $100 any time soon.

Helms said he expected the pressure from lower crude oil prices could last until the middle of next year.


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
Saudi king sacks utilities minister amid anger over prices
Riyadh (AFP) April 24, 2016
The king of Saudi Arabia has sacked the country's water and electricity minister, Abdullah al-Hussayen, amid public anger over price hikes, state media reported. King Salman issued a decree on Saturday ordering his dismissal and replacement in the interim by Agriculture Minister Abdel Rahman al-Fadli, said the official SPA news agency. His removal comes after the government reduced subsi ... read more


OIL AND GAS
Planned US Missile Defense Units in Asia-Pacific Threaten China, Russia

Lockheed Martin tests Aegis on Australian destroyer

S. Korea, US open missile shield talks

Israeli Air Force deploying 'David's Sling' missile defense system

OIL AND GAS
Russian Tornado-S rocket systems delivers powerful blow

Russia successfully fires cruise missile from Iskander missile launcher

Russian Helicopters announces new anti-missile system

France requests GMLRS rocket launchers

OIL AND GAS
China exported military drones to 10 nations: report

Drone command center set up on U.S. aircraft carrier

XFLY introduces an intelligent flight control navigator

Turkey looks to develop next-gen drone subsystems

OIL AND GAS
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

In-orbit delivery of Laos' 1st satellite launched

OIL AND GAS
Sagem forming Indian JV for AASM Hammer bomb kits

Northrop's new battle command system proves its worth

Orbital ATK making non-U.S. standard ammo for U.S. allies

Britain halts use of 105mm rounds after contamination

OIL AND GAS
Safran selling Morpho Detection to the Smith Group

Critics dismiss S.African graft probe clearing arms deal

Spain to extradite suspected French arms trafficker

Canada under fire over Saudi arms sale

OIL AND GAS
Chinese state media name Xi 'commander in chief'

NATO-Russia talks end in 'profound disagreements'

Pentagon expresses 'displeasure' of Russian fighter incidents

Pentagon chief visits warship in South China Sea

OIL AND GAS
Ultra-long, one-dimensional carbon chains are synthesised for the first time

Rice introduces Teslaphoresis to help assemble Nanotubes

Intracellular recordings using nanotower electrodes

'Honeycomb' of nanotubes could boost genetic engineering









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.