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The development of the region's Bakken formation has led to an oil boom economy and produced one of the lowest unemployment rates in the United States and renewed population growth in the state. [ 1 ] [ 2 ] Oil and gas is now the state's largest contributor to the economy, replacing the agricultural sector.
Twelve more Ukrainians are scheduled to arrive by Aug. 15 as part of the North Dakota Petroleum Council’s Bakken Global Recruitment of Oilfield Workers program.
Night view of H&P drilling the Bakken. The North Dakota oil boom was the period of rapidly expanding oil extraction from the Bakken Formation in the state of North Dakota that lasted from the discovery of the Parshall Oil Field in 2006, and peaked in 2012, [1] [2] but with substantially less growth noted since 2015 due to a global decline in oil prices.
In June 2007, the company acquired 175,000 net acres and 1 thousand barrels of oil equivalent (6,100 GJ) per day of production in Williston, North Dakota for $83 million. [1] In 2008–2009, the company acquired an additional 131,000 net acres and 1.1 thousand barrels of oil equivalent (6,700 GJ) per day of production nearby for $54 million. [1]
The Mandan Refinery is the largest oil refinery in North Dakota, located within the northeastern corner of the city limits of Mandan, ND just north off Exit 153 of Interstate 94. As of 2022 it has a capacity of 76,000 barrels (12,100 m 3) per day. [1] The facility is owned by Marathon Petroleum.
Apr. 17—As of April 15, a barrel of North Dakota oil is selling for about $57. That's considerably higher than the $40-per-barrel baseline lawmakers had used to plan North Dakota's budget. The ...