Bakken Oil, Going to be approximately for Awhile, as it Heads West

Oil Rig Jobs -What the Bakken will mean to Montana’s future is in large part dependent on how much the technology can be adapted to changes in the formation that occur as it extends westward. The fact is the oil-rich shale of the Bakken extends all the way west to Glacier County in Montana, but the thickest point of the lower Bakken occurs east of the North Dakota border, which is also where “additional pay zones” are found in another formation called the Three Forks Sanish.

Both geographical formations become thinner as they extend into Montana, so investors might be forgiven if they decide to first invest on the North Dakota side, explained Tom Richmond, Administrator and Petroleum Engineer of the Montana Board of Oil and Gas. “This intense level of North Dakota activity changes the timing, but not the potential for significant Bakken development in eastern Montana,” said Richmond.

Richmond addressed the theme of the Montana Outlook Seminar, “Montana’s New Energy Frontier, What are the Prospects?” The Bureau of Business and Economic Research at the University of Montana focused upon the subject of energy development because of its increasing importance to the state’s economy. It has been one of the primary reasons that the state has on average performed better than the nation and most individual states during the Great Recession.

Production of energy is becoming so important to Montana’s economy that BBER is creating a new market segment, in its analysis, just for energy. It will pull somewhat the data from other market segments such as manufacturing and mining, but it is expected to give analysts a better idea of what is happening in Montana’s economic base.

While there will always be cycles to the oil rig jobs and gas industry, Richmond told his Billings audience, but “the industry is going to be around for a whole lot longer.” And, he added, “There are a lot of reserves in the Bakken and certainly there are a lot of reserves in Montana.”

The development of the North Dakota Bakken has been dependent on technology changes that improved efficiencies, over how it was used when first applied in the Elm Coulee field in Montana. Those same technologies have returned to the Elm Coulee Oil Field jobs, bringing more effective completion techniques for infill and step out wells and the recovery of additional oil,” explained Richmond.

The technological advances have almost completely eliminated the risk of dry holes. Montana’s Elm Coulee Field currently has about 750 producing Bakken oil wells; during the process of development, only two dry holes were drilled. This “continuous resource” for the length and breadth of the Bakken formation is the reason for the success of the current play and the reason it is likely to continue as it moves westward.

While it is commonly lamented that it is Montana’s tax system that has curtailed development in the state, while it booms in North Dakota, Richmond pointed out that in terms of the direct tax on oil extraction, Montana’s tax rate is actually 20 percent lower than North Dakota. Montana’s rate is 9.25 percent compared to North Dakota’s 11.5 percent.Safety jobs are great opportunities for a potential career in oil rig job.

In addition, to the Bakken and Sanish, other geological formations in Montana loom as potential booms, including the Heath Formation in the north central of the state. It, too, is the subject of exploration and experimentation, but has yet to produce to levels that would qualify it as a boom.

The Montana oil and gas industry employs some 4,600 and generates an economic impact of more than $9 billion. The economic impact from producing one million barrels of oil includes the generation of 86 full-time jobs and $18.5 million in labor income. Each 10 percent increase in drilling activity leads to about 315 additional jobs.

From 2007 to 2011 the oil and gas industry in Montana generated $555 million in tax revenues for 33 counties. Rich land County got $244 million of that revenue ;which is over $26,000 per resident.Then more details for Oil Rig Jobs visit Alberta Oil Careers.This fully provide to Oil & Rig jobs.