Increasing Oil Production In North Dakota Means Plenty Of People Activity
Published by gwen September 29th, 2008 in Energy.According to this Minot Daily News article, North Dakota is expected to be sixth in the nation for oil production by the end of the year. Production appears to be growing by about 6,000 barrels a day. The Bakken oil formation is a major player in this even though it costs millions of dollars to drill the type of wells that can pull sweet crude from the shale. Ron Ness, president of the North Dakota Petroleum Council, said a lot of interest is being shown for developing the oil industry on the Fort Berthold reservation near New Town, which sits above a portion of the Bakken formation.
The energy here isn’t just about the oil. It shows in the people, too–they’re practically buzzing with the effects of rapid growth. Another article discusses how the oil industry development has increased enrollment in schools in the Bakken area. It looks like a promising place for would-be teachers to look for good jobs, and I’m sure it’s a great investment opportunity for real estate or developers.
To clarify one point, production appears to be growing at 6,000 bbls/day PER MONTH right now…As written, the posting would imply ND production doubling in one month.
Thanks, John!
If these numbers are accurate, then September’s production was around 5.6 million barrels. That is an astonishing number for our state.
Also, I crunched some numbers based on the ND.gov daily oil production charts.
2006 saw 39.5 million barrels produced in our state.
2007 was even better at 44.7 million.
and 2008 is projected to reach 61.5 million barrels.
I think we just might have an Oil boom on our hands.