Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Oil officials describe technological gains and steady production despite soft prices
Summary
The Department of Mineral Resources reported production slightly above forecast, operators increasing lateral lengths (3–4 mile laterals) and using new well shapes and incentives to sustain economics in a $58–$62 per-barrel environment; stripper wells now represent ~52% of wells and ~15% of production.
Nathan Anderson, director at the Department of Mineral Resources, told the Government Finance Committee that North Dakota oil production has remained relatively resilient despite softer oil prices, driven largely by operator innovation and longer lateral well designs.
Anderson said statewide oil volumes are slightly above forecast while prices track a bit below the forecasted tax price. ‘‘Volumes are slightly above forecast, prices slightly below,’’ he said, noting a compressed axis visual exaggerates the decline. He pointed to…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
