Appreciated the reaction from the head of the North Dakota Petroleum Council to this story about a $1 million federal grant to the University of North Dakota intended to fund research into enhanced oil recovery in the Bakken Formation, “Prof says recoverable oil in Bakken could increase“:
Ron Ness, president of the North Dakota Petroleum Council, said the more the Bakken is researched, the better. He doubts if the university’s research alone will be responsible for doubling the production in the formation.
“It’s all good – everybody looking at this thing is helpful and we support the university,” Ness said. “But the real breakthroughs are going to come out in the field.”
Eighty-one oil rigs were operating in North Dakota this week, and each costs about $50,000 daily to operate, Ness said.
“The reality is, from an industry perspective, that’s $4 million a day that’s going into research,” Ness said.
Good thing oil companies make a profit.
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