President and CEO of Continental Resources Harold Hamm, believes that there is at least 25 years of development in the Bakken.
Continental Resources has completed a study of the North Dakota oil patch and concluded that it is one of the largest if not the largest oil deposit in the country. Hamm spoke with Scott Hennen and said that there is a major difference between today’s oil development and the past “we have a different driver. The driver used to be the price of crude oil. Now we have a new driver and that is the potential for development.”
Hamm says that as long as his company can stay above $60 per barrel Continental Resources will continue to develop the play in western North Dakota. The one thing that could slow that investment is “government.” Hamm says that taxes and regulation that is currently been considered by various parts of the government such as the EPA or DOE and congress could repress the investment in oil development.
Hamm says that a 30%-40% drop in investment could translate into a loss of $6 billion per year in development investment in North Dakota alone. Hamm says that it is about opportunities “This should not be done. We need to be creating jobs not taking away one of the bright spots.”
