North Dakota Governor: Bakken Is Solid, Industry Set for Decades

BISMARCK, ND–(Marketwired – May 26, 2016) – In what could be his last address as the active Governor of North Dakota, Jack Dalrymple told the crowd at the Williston Basin Petroleum Conference that the industry is solid as solid can be. “We see this industry going on for decades and decades to come,” he said. Any storyline depicting the end of the Bakken or a boom gone bust is inaccurate, he added. Outside media coming to find the bust is struggling once they get to North Dakota, he said. “They really aren’t finding it.”
Although February was a tough month for Bakken activity and budgetary considerations for the state, Dalrymple said he sees the recovery coming and when he talks to companies about their plans for the future everything is good. “We feel much better today at $48.50/b than $26/b,” he said.
Dalrymple is proud of his work leading the state through its dramatic needs during the Bakken’s rise in the past few years. Currently, North Dakota producers are capturing more than 90 percent of the associated gas coming out of the ground, a number that puts the state four years ahead of its scheduled goals. The amount of pipelines that have been installed and are yet to be installed, is amazing, he added.
The day the first ship load of Bakken crude left the Gulf of Mexico on its way overseas was also a huge day for North Dakota. “That shows we are directly connected to the world market,” he said.
Over the last five years, the state has committed roughly $1 billion per year of cash towards meeting the state’s needs created from oil extraction. That investment will create other industries that can utilize the state’s resources, he added. “This has been an opportunity for the entire state of North Dakota and we have used these dollars wisely.”
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