How long will drilling last in North Dakota? The oil industry and residents get a look at the long term potential...
Drilling for oil in North Dakota will last nearly two decades -- at least.
Director of North Dakota's Department of Mineral Resources, Lynn Helms, says he believes there is 10-14 Billion barrels of oil that is recoverable in the state.
The USGS is conducting another study to come up with an updated number of their own.
Helms says there's enough oil to keep drilling companies busy for 16 years -- and that number is conservative.
Factors like a drop in oil prices could reduce the rig count in the state and extending the drilling time to around 20 years.
(Lynn Helms / ND Dir. Mineral Resources) "If first and second bench Three Forks are productive, which they have been proven productive, it would take enough wells to keep a rig fleet of 225 busy for 16 years to fully develop middle Bakken and first and second bench of the Three Forks."
There are 211 rigs drilling in the state today.
Helms says he expects drilling companies will reach the 225 rig count by the end of this year.