The Bakken-Three Forks rig count fell to 68 rigs running across our coverage area by end of the week on Friday.
In recent Bakken news, on Tuesday China made the move to devalue its currency, sending shockwaves around the globe and contributing to U.S. crude oil falling to its lowest levels in six years.
Read more: Crude Hits Six Year Low
The U.S. rig count remained flat, ending with 884 rigs running by midday Friday. A total of 211 rigs were targeting natural gas (two less than the previous week) and 672 were targeting oil in the U.S. (two more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.)69 are in ND alone.
Bakken Oil & Gas Rigs
The Bakken oil rigs fell back to 68 rigs this week with Bloomberg reporting WTI oil prices trading at $42.13/bbl on Friday afternoon, a $4.78 decrease from the previous week. WTI-Brent decreased $2.95 landing to $49.03. The Bakken has zero natural active gas rig in the area this week with futures increasing to $2.81/mmbtu by midday.
McKenzie County continues to lead development and is running 26 running this week, while Williams (15) and Mountrail (11) followed behind. View the full list below under the Bakken Drilling by County section.
Activity continues to be dominated by horizontal drilling:
- 65 rigs are drilling horizontal wells
- 0 rigs are drilling directional wells
- 3 rigs are drilling vertical wells
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What is the Rig Count?
The Bakken Shale Rig Count is an index of the total number of oil & gas drilling rigs running across Montana and North Dakota. The rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Bakken formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count.
Read more at bakerhughes.com