ND regulators launch Bakken recovery task force

North Dakota state regulators have established a task force to facilitate the recovery of the oil and gas industry for the state.

The Bakken Restart Task Force, established by the Department of Mineral Resources, will work to support sectors affected by Covid-19 and rebuild the oil and gas industry.

Oil and associated gas production in the Bakken shale basin has fallen significantly as companies pull back on production because of significantly lower oil prices, which sank as a result of both the Covid-19 pandemic slashing demand and Saudi Arabia ramping up production amid a spat with fellow exporter Russia.

Last month the department announced expectations for production to fall based on a potential 50-75pc reduction in the Bakken shale rig count through June. The current rig count is 27, down by six rigs from a month earlier, with approximately 6,800 wells shut in.

The task force will focus on the long-term recovery of the regional oil and gas industry, along with regulatory agencies streamlining efforts and identifying economic stimulus projects or sources.

Action reports will be updated as the task force continues to review each area.

The Bakken shale basin includes 15 counties in North Dakota and five counties in Montana.

By Taylor Zavala

source: Argus Media