Bigger, Better, Bakken: Petroleum Industry Optimism In North Dakota

The Bakken formation centered on western North Dakota already heading to Asian and European markets. The future for North American shale and onshore production is bright. This is for at least the next two decades, appears promising. There’s more to their petroleum industry.

Approximately $580 billion per year—more than $12 trillion in total—is a requirement. This is according to the IEA. This is in order to meet that growth in energy demand from onshore and offshore investments.

Applying “lean capabilities” and having the ability to ramp production up from 130,000 barrels per day to aas 200,000 bpd. This would take additional infrastructure by 2021. This is according to Biggs.

“The Bakken is our crown jewel in the near term,”. An internal study commissioned by Hess’s board pointed to value delivery that Biggs said placed his operations in the top-tier of the basin, saw cost reductions and asset optimizations was adding value, called for additional technological investments, and put the company in a robust position regarding remaining inventory.

“To do that we have to have an infrastructure in place that can get the crude, natural gas, and liquids out of the basin,” Biggs continued. He pointed to projects like the recently completed Dakota Access Pipeline (DAPL) that allows the company to be well-positioned for near term expansion.

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Source: Fair Field Sun Times

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