Oil company leaders describe Bakken oil patch as ‘mature’
BISMARCK, N.D. – The Bakken’s oil boom appears to be in the rearview mirror.
North Dakota Mineral Resources Director Lynn Helms say a word he heard many times when he met in Texas with executives from 10 oil companies with wells in the Bakken is “mature” in describing the state’s oil patch.
Helm says the Bakken has been rebranded. He says U.S. oil producers are more focused on growing their operations in the Permian Basin of Texas and New Mexico.
Helms says while North Dakota could still see small annual production increases, drilling is expected to taper off in about a decade.