Defying the trend in declining rig counts, daily volumes in the Bakken are climbing higher to the point of a record for gas production at an all-time high of 1.63 billion cubic feet per day (bcfd) in May. Well completions also increased from 102 to an early count of 114, which coincided with previous estimates by Wood Mackenzie Ltd. Jonathan Garrett, WoodMac’s principal Bakken analyst, said the most interesting data point was the fact that despite oil bring priced in the $50 per barrel range and that the rig count is down by 60 percent, production is still increasing at the Bakken in both oil and gas. Operators have achieved this with three primary approaches: drilling only in the acreage’s sweet spot—this means no testing around the perimeter; rig efficiency with high horsepower; and better completion rates, Garrett said. What’s more, during the second half of the year, operators […]