Bakken in Black

By September 29, 2008Energy

From the Minot Daily News, “Moving Up“:

North Dakota’s oil production is climbing so fast that it’s expected to move to the sixth top-producing state in the country by end of the year, says the president of the North Dakota Petroleum Council.

“It’s unbelievable to all of us in the industry. We are growing at about 6,000 barrels a day per month. In April, we broke the all-time record of 148,000 barrels in North Dakota which was from 1984,” said Ron Ness, Bismarck, president of the N.D. Petroleum Council.

Eventually overtaking Oklahoma as energy producer? Wow. Time for a revival of “Oklahoma” set near Parshall….”Dodge Dakota with a Fringe on Top.”

Of course, the Bakken formation will only provide enough oil to run the U.S. economy for four minutes and seven seconds, so why do we bother?

Meanwhile, offshore, the oil industry is being cautious about the lifting of the federal moratorium on energy development on the Outer Continental Shelf, obviously and prudently. The topic came up in a conference call with bloggers last Friday with Red Cavaney, president and CEO of the American Petroleum Institute.

As you all know, in our industry, with such long time horizons and such heavy upfront capital expenditures before anything does happen, shall we say, you know, a temporary period like this really isn’t sufficient, either for the federal government or anybody else to lay the groundwork to get us to a point where people could actually bid on a lease or do something concrete. So we’re hopeful that people will begin progress.

One of the industry’s first challenges is educating the public about everything that’s involved in the moratorium and the obstacles faced by the industry in developing the natural gas and oil, Cavaney said.

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