Crude oil from the Bakken Shale in North Dakota’s Williston Basin will help account for nearly 1.2 million barrels a day, or 15 percent, of U.S. output by 2015, analysts from Raymond James.
1.2 million barrels per day would put North Dakota as the leading oil producing state unless Texas increases its production from 1.156 million barrels per day.
The North Dakota rig count rose to a record of 166 in December and production has tripled since 2006, according to the state Industrial Commission Department of Mineral Resources. The analysts predict that will rise to almost 200 by 2013.
TransCanada Corp plans to build a $140 million link to its proposed Keystone XL oil pipeline from the Bakken oil region in the northern United States, a project that would send more crude to a huge Oklahoma storage hub. Shippers from the fast-developing Bakken oil region have committed to capacity of 65,000 barrels a day on the planned link. That is less than the 100,000 bpd the company had on offer, but pushes the project above its economic hurdle,