Bakken Developers Pour Capital into Natural Gas Projects After 2021 Boom

May 17, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--As crude oil production struggled in 2021, natural gas production in the Bakken Shale boomed to an annual high of 2.97 billion cubic feet per day (Bcf/d), reversing an 8% decline in 2020, according to the U.S. Energy Information Administration (EIA). Companies operating in the area saw corresponding growth in production and profits, and are tailoring their plans for 2022 and 2023 developments accordingly.

Crescent Point Energy Corporation (NYSE:CPG), which has active developments in both the U.S. and Canadian areas of the Bakken, began work last month on its drilling program in North Dakota's Alamo Field. Basin Electric Power Cooperative plans to use some of the natural gas from the Bakken to develop "blue" hydrogen, which is produced using carbon capture and sequestration (CCS) technology to reduce CO2 emissions. Dakota Natural Gas LLC and MDU Resources Group Incorporated are among the companies investing in pipeline buildouts.

Industrial Info is tracking nearly $6 billion worth of natural gas production, processing and pipeline projects across the Bakken Shale areas of the U.S. and Canada, more than $2 billion of which already has started construction.