Hess Corp. is ramping up capital spending in North Dakota for 2017, appropriating $700 million and increasing its rig fleet from two to six by the end of the year. Total capital spending by the company is also up to $2.25 billion, $350 million higher than last year. The company estimates year end Bakken production to range between 95,000 and 105,000 BOEPD as it brings on 75 new wells. At the same time, the ND Dept. of Mineral Resources said another producer is also adding five or six rigs which would push the total count up by 50 by July. "In order to maintain the one million barrels plus production the rig count needs to move up to 45", he said. "With oil prices starting to recover, we will ramp up our Bakken rig count from two currently to six by year end" said Hess resident and COO Greg Hill.
- Written by Dennis Pyburn