Helms: Oil companies still reluctant to bring drilling rigs back to the Bakken
North Dakota’s mineral resources director says even with high oil prices, oil companies are reluctant to bring more drilling rigs to the Bakken.
Lynn Helms says one reason is workforce. He says another is policies of the Biden Administration.
"I counted 13 policy decisions, that have been made over the last year and a half, that were all negative to oil and gas," Helms told reporters in his monthly Director's Cut briefing. "None of those have been reversed, in light of the current world shortage for crude oil."
Helms said he has talking to some of the major players in the Bakken.
"The first thing they cite was their investors wan this to be cash-flow and return on investment," Helms said. "They are not interested in seeing profits from this higher oil price be plowed into new wells and new infrastructure, in the face of an Administration that, long term, wants less oil and gas production."
Helms said the companies are still interested in completing so-called “duc” wells – drilled, and un-completed.