North Dakota Chases A Second Bakken Boom Through Enhanced Recovery
Oman Oil Terminal Attack Rattles the Market's Last Calm Corner Alex Kimani is a veteran finance writer, investor, engineer and researcher for Safehaven.com.
North Dakota’s elected officials are pushing hard to deployEnhanced Oil Recovery (EOR) technologiesto boost oil production in the Bakken before Donald Trump's tenure as president expires.
The Trump administration hassignificantly opened upfederal lands and offshore waters for oil and gas drilling, rolling back Biden-era conservation rules to mandate more quarterly lease sales.
And proposals have been advanced to expand offshore drilling to areas previously restricted, including the federal waters off the coasts of California, Florida and Alaska.
But the clock is ticking on these opportunities.“We have a tremendous opportunity in the next two years, because we have an administration that understands this stuff.
We have to get them to mobilize a little faster,” Gov.
Kelly Armstrong said during a prominent oil conference in May.
“Time is the enemy, but they understand this, and so we have gone from headwinds to tailwinds.We’ve only tapped 15% of the Bakken and Three Forks.
The other 85% is still trapped in the rock.
If we can create the policy and the incentives, and you all can unlock even another 15% with EOR, that’s an entirely new boom,” Armstrong added.
EOR is a tertiary extraction process used to recover trapped crude oil from mature reservoirs that cannot be extracted using primary (natural pressure) or secondary (water/gas injection) methods.
EOR relies on sophisticated techniques to alter the original properties of the oil, such as its viscosity and density, and to improve its flow through rock formations.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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