The numbers are incredible, but there are some observations and comments that some might find even more interesting.
Petroleum News is reporting (some numbers rounded):
- North Dakota’s oil and gas industry contributed a whopping $43 billion to the state’s economy in 2013.
- every two years, a one-year period of economic activity in North Dakota is reviewed
- since these studies began in 2005, there has been a 750 percent increase in economic activity
- exploration and development
- extraction and production
- transportation and processing
- infrastructure
- direct impact: $17 billion
- secondary impact across the state: $26 billion
- every dollar spent by the industry generated another $1.43 in additional business activity
- 2013: $7 million/well; $15 billion in total financial outlay for well development; 2,200 wells
- 2011: $9 million/well; $12 billion in TFOFWD, 1,271 wells
- 2013: $15 billion generates another $13 billion as it circulates through the state
- 2005: only $1.4 billion generated in addition to direct outlays
- each drilling rig: an economic impact of more than $100 million over CY2013
- almost equal impact to the state's economy
- impact on economy will be driven more by production than by exploration going forward
- 2013 production: $15 billion gross business volume
- 2005 production: $2.7 billion GBV
- $3 billion impact
- infrastructure: $5 billion impact
- operators spent $3 billion, but only $1.5 in-state (North Dakota does not have the specialized equipment required
- low prices will extend the timeline to develop the oil resource
- 2013: 56,000 jobs directly to the industry
- 2005: 5,000 jobs directly related to the industry
- for newbies: the Bakken boom began in 2000 in Montana and the Bakken boom began in 2007 in North Dakota
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