UPDATE 1-Continental Resources ramping up Bakken operations, adds rigs to Powder River Basin Reuters 4/29/2021
By Liz Hampton
April 29 (Reuters) - Shale oil producer Continental Resources on Thursday said it will ramp up activity in North Dakota s Bakken shale field this year as it shifts more of its production operations to crude oil from natural gas.
The company said roughly 70% of its well completions in the second half of the year will be focused on the Bakken versus about 50% of completions at the start of the year.
The shift comes as the company is re-orienting its production portfolio to focus more heavily on oil, Chief Executive Officer Bill Berry told investors during an earnings call.
Oil prices rise, bullish demand outlook offsets India concerns
Oil prices extended gains on Thursday after rising 1% the previous session, as bullish forecasts of recovering demand outweighed concerns about the impact of rising COVID-19 cases in Brazil, India and Japan.
Brent LCOc1 rose 49 cents, or 0.7%, to $67.76 a barrel by 0843 GMT, and U.S. West Texas Intermediate crude CLc1 was up 43 cents, or 0.7%, at $64.29 a barrel.
This is the third consecutive day that the both contracts are rising.
“The performance of the past few days demonstrates the unbroken faith of the market in healthy economic and demand recovery,” Tamas Varga, analyst at PVM Oil associates said.
Brent rose 89 cents, or 1.3 per cent, to $68.16 a barrel by 1115 GMT, and U.S. West Texas Intermediate crude was up 83 cents, or 1.3 per cent, at $64.69 a barrel
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Birds fly over storage tanks on a Continental Resources oil production site near Williston, North Dakota January 23, 2015. REUTERS/Andrew Cullen
Shale oil producer Continental Resources (CLR.N) on Thursday said it will ramp up activity in North Dakota s Bakken shale field this year as it shifts more of its production operations to crude oil from natural gas.
The company said roughly 70% of its well completions in the second half of the year will be focused on the Bakken versus about 50% of completions at the start of the year.
The shift comes as the company is re-orienting its production portfolio to focus more heavily on oil, Chief Executive Officer Bill Berry told investors during an earnings call.