The Dickinson Press is reporting:
Saxowsky told the few dozen people at the meeting that there are 8,000 oil-producing wells in the state, but thousands of more are expected in the next five to seven years.
The average lifespan of an oil well is 30 to 40 years, according to Tessa Sandstrom, communication manager for the North Dakota Petroleum Council.
Because of that, Saxowsky said mineral rights owners may want to see about including in their lease that the oil company is obligated to drill the wells at a decent pace.
The Grand Forks Herald has a nice op-ed by Chris Faulkner the CEO of Breitling Oil & Gas about Americas energy reality.
ReplyDeletehttp://www.grandforksherald.com/event/article/id/256525/group/Opinion/
Nice link, thank you.
DeleteJust read the Dickenson Press article. Noticed a county commissioner from Dunn County was quoted as saying there is talk of an additional 47 rigs drilling in Dunn County by August. I believe there are currently around 30. WOW if that is true.
ReplyDeleteI think folks will be blown away by what is yet to come. And, again, rig count is one data point. The more important data points:
Delete1) CAPEX projected by the operators
2) permits projected for the year (already exceeding last year's record)
3) monthly production
4) five-year cumulative production/well