October oil production numbers moderate
Oil production in the past few months has increased at a rate of 4 percent, though preliminary numbers for October 2012 show a 2.5 percent increase, due to the high cost of drilling and completing a well, according to Lynn Helms, director of the Department of Mineral Resources. While costs have escalated through 2012, they are expected to decrease, causing operating companies in the Bakken to plan for the same number of wells drilled or more for 2013. Helms said that more drilling rigs are high-efficiency rigs which allow companies to drill in less time. Read the article in the Forum (articles locked after one week and may require registration).