North Dakota Oil Rigs to Rise Amid High Prices

North Dakota's oilfield activity is expected to rise in the second half of this year as operators add rigs and speed up completions to capitalize on high oil prices, according to the state Department of Mineral Resources.

The North Dakota rig count jumped to 33 in August from 26 in July, with 19 operators currently running rigs compared to 14 in July.

Justin Kringstad, executive director of the North Dakota Pipeline Authority, noted that operators are not holding back on drilling and completing wells at a later date due to the current price environment.

U.S. crude futures for March delivery were trading around $78 a barrel in August, while Bakken oil delivered at Clearbrook, Minnesota, was trading at a premium of $4.39 a barrel to U.S. crude futures.