U.S. independent Hess Corp. expects to bring 50 wells online in the second half of the year from its Bakken Shale assets compared to 32 in the first half as the company ramps up production amid a tight oil market.

“Given the strength of the oil market and the world’s need for more oil supply, we added a fourth rig earlier this month,” CEO John Hess said of the Bakken activity in an earnings call on Wednesday.

He added that “with demand growing, supply lagging and the potential for further sanctions on Russian oil exports, we expect tight global oil markets to get even tighter over the balance of the year.”

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Net production from the Bakken...