No end in sight for Oklahoma oil and gas firms in North Dakota

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A recent presentation by North Dakota Pipeline Authority Director Justin Kringstad might have brought welcome news to Oklahoma oil and gas firms. He made it clear western North Dakota has decades of remaining drilling inventory left for the industry.

That’s because Kingstad said the Pipeline Authority’s inventory showed successful expansion of premium drilling locations throughout western North Dakota.

It’s an area where Oklahoma companies such as Continental Resources, Ovintiv and others remain active in new oil and gas exploration. Continental Resources is considered one of the most active energy companies in the state.

Throw in other familiar companies such as Marathon Oil, WPX Energy, and others.

“Over the last two years, industry has used development strategies, perfected in the highest performing areas of the state, to rapidly upgrade outlying acreage positions that were once believed to be only marginally attractive for development,” said Kringstad.

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The NDPA work highlighted decades of remaining drilling inventory in the Bakken and Three Forks Petroleum System. The NDPA work used well performance datasets from the last two years and compared it to the same work performed in 2020. The results showed that an additional 3,000 square miles of acreage was reclassified and could now be economically developed at prices as low as $60 per barrel.

“The unfounded belief that North Dakota is running out of premium drilling locations isn’t consistent with the data and well performance results we are seeing across western North Dakota,”
added Kringstad.

“This work continues to solidify North Dakota as one of the best investment opportunities for petroleum producers anywhere in the world,” said the Industrial Commission in a joint statement.

“The production technologies being developed right here in North Dakota continue to lead the industry toward the goal of affordable, reliable and clean energy for not only the United States, but the world. Current events are solidifying the need to increase investments in oil and natural gas produced right
here at home. It is incredibly encouraging to see operators in North Dakota continue to push forward with systems that increase their high-performing drilling inventory.”

Source: Industrial Commission of North Dakota