Drillers are inching back to action in North Dakota’s Bakken shale region, a sign of the recovery of the American oil and gas sector, writes the Wall Street Journal. The revival after a three-year low oil price environment is welcomed by local industry leaders, officials and merchants,
Hess is drilling new wells with four Bakken rigs in place and plans to have six by year-end. Hess has nearly 3,000 locations left to drill in the area—half of which generate a return of at least 15 percent at $50 oil thanks to technological improvements and cost cutting.
“We compete very well with the Permian,” said Mike Turner, senior vice president of global production at Hess, referring to the region of Texas and New Mexico where much shale drilling has concentrated during the downturn in prices.