“When we say the Bakken is back what I say is I think there’s so much potential and so much work yet to do,” Kathy Neset who is the vice chair for the North Dakota Petroleum Council.
There’s a lot that’s been learned since the boom that slowed about five years ago.
“It’s much more measured this time it looks like we’re ramping up but in a much more orderly measured fashion,” said Neset.
Neset says there is still so much oil to extract from the Bakken.
“Five years ago we were in wow hold on, we were just coming off with the big news from the U.S. geological survey about how much oil was truly in the reserves and what is technically recoverable,” said Neset.
And Neset says what the industry scratched is nothing compared to what’s out there.
“We’re still low on the percentage of oil that we’re extracting, in some areas we’re still in the 8-10 percent oil extraction,” said Neset.
the goal is to get to 20 percent.
“We need crude oil, we need natural gases and we need a reliable supply of crude oil and if we don’t provide it someone else will,” said Neset.
The key to success is efficiency and Neset points to new technology like nano sensors as a way to stay on top of what’s going on underground.
“Now you are on another playing field for making this oil industry that much more efficient,” said Neset.
Residents who own land that is being developed for oil purposes agree.
“I am for oil development, if it’s done right,” said landowner Larry Peterson.
He adds that this time around everyone is working together…
“Coming in on these new wells is a lot different than it was when they first came in and companies are more working with the land owners the they were when it first started,” said Peterson.
Innovation and community support is what’s needed for oil to succeed these coming years.