The oil industry has been steadily recovering from the pandemic, and market forces pushed oil prices down in early 2020.
Last week, leaders of the oil and gas industry gathered in Watford City for the 40th annual meeting of the North Dakota Petroleum Council. Like any other conference, this was a meeting of minds to discuss new trends in the industry.
The oil industry is steadily rising after the pandemic, and market forces drove oil prices down in early 2020. The downturn resulted in some shuffling of players in the Bakken, with some companies seeing it as time to sell their products. active while others saw an opportunity.
Grayson Mill Energy is a young oil company founded in 2016. Their goal was originally to drill in the Rockies, but in March 2020, at the height of the pandemic, after conducting national research, they established their sites on The Bakken.
Grayson Mill Energy used the annual meeting to present its new business in North Dakota.
“We conducted basin studies throughout, to see where the best time to invest and the best places to invest, as well as the assets that might make sense to us as a management team, and that was the perfect time for us. Equinor was considering leaving the basin; we wanted in the basin, and we were able to work with them to acquire the assets, so this was the perfect time, ”said Dewey Gerdom, executive vice president of business development and lands at Grayson Mill Energy.
Gerdom told KX that after many years of steady growth, The Bakken has reached a stage of maturity where some companies are pulling out while there is also a lot of consolidation with the merger of companies. He says this is a cycle seen in other basins, and the Bakken still has a huge amount of oil and gas to extract.
Grayson Mill Energy employs 150 people, of whom approximately 85 work in the field. Gerdom says the first platform is expected to be installed in November.