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The North Dakota state government receives through severance taxes 11.5 percent of the gross value of all oil produced. The boom gave the state of North Dakota a billion-dollar budget surplus in 2011. In addition to severance taxes, the state of North Dakota owns extensive mineral rights, which are leased by competitive bidding.
US Bakken and Three Forks wells as of 2013. The Bakken Formation ( / ˈbɑːkən / BAH-kən) is a rock unit from the Late Devonian to Early Mississippian age occupying about 200,000 square miles (520,000 km 2) of the subsurface of the Williston Basin, underlying parts of Montana, North Dakota, Saskatchewan and Manitoba.
The North Dakota Legacy Fund is a sovereign wealth fund of the U.S. state of North Dakota. Contributions to the fund must include " [t]hirty percent of total revenue derived from taxes on oil and gas production or extraction." [1] The fund was established by ballot initiative in 2010.
WILLISTON, N.D. (AP) -- President Theodore Roosevelt once came to North Dakota's Badlands to find solitude and solace amid the area's "desolate, grim beauty." But Roosevelt's Dakota is barely ...
The development of the Bakken oil play in North Dakota has been a game changer for oil production in the U.S. The play is already producing incredible numbers and might only be 10% developed.
An estimate of oil and gas mineral rights owned by North Dakota pegs their value at $2.8 billion, an 18% increase from last year, according to an appraisal released Thursday to the state Land Board.
The Dakota Access Pipeline ( DAPL) or Bakken pipeline is a 1,172-mile-long (1,886 km) underground pipeline in the United States that has the ability to transport up to 750,000 barrels of light sweet crude oil per day. It begins in the shale oil fields of the Bakken Formation in northwest North Dakota and continues through South Dakota and Iowa ...
The 2010s oil glut was a significant surplus of crude oil that started in 2014–2015 and accelerated in 2016, with multiple causes. They include general oversupply as unconventional US and Canadian tight oil (shale oil) production reached critical volumes, geopolitical rivalries among oil-producing nations, falling demand across commodities ...