The Future of The Bakken

News

Oil and gas industry leaders met at The Bakken Conference to discuss what’s next for energy producers and how government regulations and technology will play a part in the Bakken in years to come.

Efficiency, productivity,  and innovation not regulation were all hot topics.

“In the pipeline industry we should have a goal of having no spill,s but the way that we’re going to get to no spills is we’re going to have to have better, smarter technology,” Doug Burgum, Governor of North Dakota says.

During his speech, the governor asked industry leaders to spend more on technology as a way to increase environmental protection.

“We’re in a zero tolerance world and we have to be smarter and smarter than ever,” Burgum says.

For industry leaders, crude oil prices have to hover around that 45 dollar a barrel mark.

That means if they work efficiently they can still keep the Bakken running.

“It’s a matter of getting those operating costs leaning down so that [the Bakken] can be competitive with the other basins,” Reid Morrison, Global Energy Advisor PWC says.

And for production to keep on increasing.

“If the industry can get from one million barrels to two million barrels we laid that challenge out this morning most of that investment’s going to come from the private sector,” Burgum says.

But the CEO of Abraxas Petroleum, who is currently operating 41 wells in the Bakken, says more pipelines will be needed to meet that production goal.
 
And, he remembers the last time a pipeline was built.

“I think if the state government gets a little more progressive against some of the environmental extremists that are out protesting these things [production can increase] ,” Robert Watson, Abraxas Petroleum CEO says.

Watson says he hopes a strong partnership with the industry, with authorities, and with the government will lead to more oil production in the future.

The Bakken is currently producing more than one million barrels of crude oil a day.

And the governor hopes to expand the energy sector by encouraging partnerships between all energy producers in the state from oil, natural gas to coal.

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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