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BISMARCK, N.D. (KUMV) – The Bakken saw very slow growth in oil and gas production this past year.
The region was rebranded as “Mature” by top operators in February, meaning they expected flat production going forward. Currently, the Bakken produces 1.1 million barrels per day, which was lower than the 1.2 million operators had hoped for by the end of the year.
“Significant players in North Dakota’s production are talking one or two percent growth next year, so pretty flat,” said Lynn Helms, North Dakota Department of Mineral Resources Director.
Helms says several factors are affecting growth including price uncertainty, federal policies, and lack of workforce.
“If I had a magic wand, I would wave it and there would be a large herd of oil and gas workers up here and the NYMEX oil price would go to 98 dollars,” said Helms.
Despite the flat growth, advancements in technology such as enhanced oil recovery and longer laterals will help to keep production going for decades.
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