Active Drilling Rig Count Down Again

Published 08/29 2016 01:51PM

Updated 08/29 2016 01:51PM

The amount of active drilling rigs in North Dakota has dropped once again.
 
State numbers showed there are 30 active drilling rigs, that's down by 4 in about two weeks.
This time last year, there were about 70.
Experts say oil prices will have to rise above $60 per barrel for operators to start mobilizing rigs.
Production has steadily declined over previous months and is just above 1 million barrels per day.
State oil and gas regulator Lynn Helms says it's because operators are drilling wells but waiting to frack.
 
 
"We're 30-40 completions shy of maintaining production.  It takes 70-80 completions to maintain production, and 80 plus to grow production," says Lynn Helms, Dept. of Mineral Resources
 
North Dakota's production peaked in December of 2014 with more than 1.2 million barrels per day.
Helms predicts it to fall below the 1 million mark by the end of the year.

Copyright 2016 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.