A vice president for Continental Resources says while there has been a slowdown on the number of oil rigs working in the Bakken, he expects development of that resource will continue for a number of years.
Blu Hulsey says he predicts there will still be long-term development of the oil play in North Dakota.
"I think you're going to get out of the boom stage and into the development stage," said Hulsey. "I think you will look at competitive dollars going to other places and other plays. But I think you will maintain a certain level of development here in North Dakota for a long, long time."
Hulsey says state Mineral Resources Director Lynn Helms is fond of saying that his grandchildren will be working in the Bakken. And he says he agrees with that. Hulsey says Continental has made a long-term commitment to North Dakota.
Looking forward to the 2015 Legislative Session, Hulsey says Continental and the oil industry will be working on a number of issues.
"Making sure that we maintain a quality regulatory environment, making sure we're looking at putting infrastructure dollars back into the oil field -- these are really important, and will be key for us in the next Legislative session," said Hulsey.
He also says tax policy could be on the agenda as well. Hulsey says North Dakota's 11 1/2 percent tax on oil is high.
"This issue comes to competiveness in the future," said Hulsey. "If North Dakota starts looking where rigs go, and how to lure more investment dollars, that certainly has to be taken into account."
In 2013, lawmakers turned down proposals to lower the tax to nine percent – in exchange for closing some of the loopholes in the tax.
Hulsey spoke to the Minot Area Development Corporation annual meeting.
