From PlainsDaily.com, “Oil CEO Says That Oil Development Will Continue For Decades,” reporting an interview with Harold Hamm, president and CEO of Continental Resources. There’s 25 years worth of potential in the Bakken Formation, he says.
Continental Resources has completed a study of the North Dakota oil patch and concluded that it is one of the largest if not the largest oil deposit in the country. Hamm spoke with Scott Hennen and said that there is a major difference between today’s oil development and the past “we have a different driver. The driver used to be the price of crude oil. Now we have a new driver and that is the potential for development.”
Hamm says that as long as his company can stay above $60 per barrel Continental Resources will continue to develop the play in western North Dakota. The one thing that could slow that investment is “government.” Hamm says that taxes and regulation that is currently been considered by various parts of the government such as the EPA or DOE and Congress could repress the investment in oil development.
In August, the newspapers of Forum Communications ran a multipart series on oil development in North Dakota, which has soared since seismic exploration, directional drilling and hydrofracturing made it profitable to access the Bakken Formation deposits. The series is “Running with Oil.”
(Hat tip: Rob Port.)
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