"Most people felt like they could kind of write off the oil industry in the U.S., and that's just a long way from the truth," Harold Hamm said.
(PRWEB) March 27, 2014
It's no secret that business is booming in North Dakota's oil industry. In fact, growth in the state has helped fuel an energy revolution across the country, and much of the United States is looking to North Dakota to take a leadership role in the sector.
Much of the state's recent success can be attributed to the Bakken Shale formation, which lies two miles beneath the North Dakota ground. While those in the industry have been cognizant of its existence for quite some time, the fracturing chemicals and drilling technology required to extract oil from the area only recently became available, and producers have been capitalizing on this fact for the past two years. In that time, the Bakken Shale reserve has become one of the fastest-growing oil producing areas in the country, according to the Wall Street Journal.
Harold Hamm, chairman and chief executive of Continental Resources Inc., spoke with the news source about the impact it's had on the nation's oil industry as a whole.
"Most people felt like they could kind of write off the oil industry in the U.S., and that's just a long way from the truth," Hamm said, indicating that the nation's efforts to grow its oil industry were almost abandoned prior to the surge in North Dakota. "The fact of the matter is that a lot of people quit looking for oil."
While growth has generated optimism across the country, there are numerous challenges that must be addressed if the United States is truly going to capitalize on the oil boom. This blog has discussed the need for increased infrastructure to overcome logistical challenges, but there is also a need for more manpower. Jobs must be filled to keep up with the pace set these past couple of years. According to a CNN report, North Dakota seeks to fill 20,000 jobs in the industry.
This May, the North Dakota Economic Development Foundation is teaming up with Hess Corp. to launch a campaign designed to fill these positions.
"It is being developed to target people in states with chronic unemployment, and people in industries that are high-demand in North Dakota, including: engineering, healthcare, energy, skilled trades, transportation and information technology," the foundation said in a statement.
As for the increased infrastructure needs, the company Hiland Crude LLC is seeking to expand the Bakken pipeline network as a way to increase the efficiency with which producers can extract and transport oil. According to Oil and Gas Journal, Hiland launched an open season to try to generate shipper interest for crude oil transportation on an expanded version of its Double H Pipeline. The pipeline, which starts in the Bakken oil production areas near Dore, North Dakota, and Sydney, Montana, and ends at Hiland's storage facility in Guernsey, Wyoming, would receive new pump stations, which would significantly boost capacity.
These efforts made to improve infrastructure and increase the workforce show that the country is committed to taking necessary measures to maximize efficiency at the Bakken Shale. This growth is too strong of an opportunity to pass up, and it's imperative for producers to find the right solutions to capitalize on it.
R3 Sciences and Broad Point Energy can assist in this area by providing well operators in the Bakken with cost effective solutions for capitalizing on natural gas produced from their oil wells.