North Dakota May oil production lowest since January, state regulator says
Adds details throughout
By Georgina McCartney
HOUSTON, July 16 (Reuters) -North Dakota's May oil production fell to its lowest since January, monthly data from the state's Department of Mineral Resources showed on Tuesday.
WHY IT'S IMPORTANT
North Dakota is the third-largest oil producing state in the U.S., behind Texas and New Mexico.
BY THE NUMBERS
Oil production in North Dakota fell by 49,000 barrels per day (bpd) to 1.195 million bpd in May, the data showed, its lowest since January when output dipped to just 1.105 million bpd after extreme cold weather knocked out a chunk of the state's production capacity.
CONTEXT
May output likely fell following road restrictions, which hampered frac crews from moving around, said Mark Bohrer, assistant director for the state's oil and gas regulator.
A total of 55 wells were completed in June, according to preliminary data.
"We need that to be in the 90-100 range to achieve production growth," Bohrer said.
WHAT'S NEXT
In the second half of the year, well completions are expected to rise and production to follow, said Justin Kringstad, director of the North Dakota Pipeline Authority.
There are currently 14 frac crews active in the state, compared with 15 in June, state data showed.
On the pricing side, Bakken oil delivered at Clearbrook, Minnesota weakened to a 61-cent per barrel discount to West Texas Intermediate on Tuesday, compared with a 16-cent discount during June, according to Kringstad.
Reporting by Georgina McCartney in Houston; Editing by Jamie Freed
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