North Dakota Oil, Gas Production Hits All-Time High in April
North Dakota operators faced difficulties with weather this spring. April 2013 was the coldest month on record with over 80 percent of state highways blocked in mid-April by heavy snow, and May 2013 was the wettest on record, said NDIC Department of Mineral Resources Director Lynn Helms in a statement.
North Dakota's Bakken play has played a significant role in reversing the decline seen in U.S. oil production, which could reach approximately 10 million barrels of oil per day between 2020 and 2040, the U.S. Energy Information Administration reported on June 14.
However, uncertainty surrounding federal policies on taxation and hydraulic fracturing regulation continue to make investors nervous, said NDIC Department of Mineral Resources Director Lynn Helms in a statement.
"Pressure on the federal budget has led to a budget proposal that eliminates deductions for intangible drilling costs and the depletion allowance."
Helms urged readers to submit comments to the Bureau of Land Management regarding a draft of regulations for hydraulic fracturing on federal lands. A new proposed rule was published May 24, and comments are now being accepted through Aug. 23.
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