MADC Sponsors 2016 Williston Basin Petroleum Conference

Posted: Jun 06 2016
Amongst 60 other keynote speakers, the 2016 Williston Basin Petroleum Conference welcomed presidential candidate Donald Trump to deliver the closing remarks, which brought an audience of nearly 3,800 to the conference. The 24th annual Williston Basin Petroleum Conference was held in Bismarck May 24-26.

The Minot Area Development Corporation joined 291 other exhibitors at the show this year, nearly half the size of the exhibitors compared to 2014. Although the downturn in oil has led to challenges in the oil and gas industry, ND Governor Jack Dalrymple shed light on the efficiency opportunities the downturn has created. Governor Dalrymple stated that about 30 rigs today is equivalent to 60 rigs a few years ago. When he was sworn into office the flaring rate was 36% and today it's under 10%, which means we are capturing more than 90%! Governor Dalrymple also shared how North Dakota has set the standard for commitment to the energy industry, setting aside $1B per year to support the Bakken. North Dakota has used its energy money wisely by investing in our future and creating opportunities for the whole state. Lynn Helms, ND Department of Mineral Resources, explained the downturn in production has created various efficiency opportunities, such as a total reduction cost of 60%. Helms stated 2018-2035 are the projected key drilling years. While optimism for the energy industry filled the conference, Helms also addressed barriers that ND will face in the near future, some of these include Federal regulation, endangered species, price recovery, Federal Reserve, state regulation, workforce and more.

Other key panelist for the conference included:lgWBPC_2016.jpg
 
  • Lou Holtz - Former football coach for the University of Notre Dame
    Topic: Coaching when it counts
  • Jay Ottoson - President and Chief Executive Officer of SM Energy
    Topic: Telling our story - A strategic imperative
  • Rick Muncrief - President and Chief Executive Officer of WPX Energy
    Topic: Unique assets - The Permian Basin vs. The Bakken
  • Don Hrap - President for the Lower 48 Division for ConocoPhillips
    Topic: Uncertainty [or] Business as usual
  • Jim Volker - President and Chief Executive Officer of Whiting Petroleum
    Topic: The Bakken at current oil prices
  • John Gerdes - Managing Director and Head of Research for KLR Group
    Topic: Oil markets and price outlook
  • Gerbert Schoonman - Vice President of Onshore Bakken Assets for Hess Corp.
    Topic: Bakken efficiencies
MADC partnered with Visit Minot and the Minot Area Chamber of Commerce to be a gold sponsor of the event. With 9 representatives at the Minot booth, the Minot team answered many questions regarding the impact of the petroleum industry and other projects in the Minot area.