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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.
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.
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.
A Native American tribe in North Dakota bought an idle pipeline from the energy company Enbridge to help deliver oil from wells on its reservation to the broader market. The Mandan, Hidatsa and ...
Apr. 17—As of April 15, a barrel of North Dakota oil is selling for about $57. That's considerably higher than the $40-per-barrel baseline lawmakers had used to plan North Dakota's budget. The ...
According to the North Dakota Department of Mineral Resources, the state produced 1,174,769 barrels of oil per day and 2,102,266 thousand cubic feet per day of associated gas in February.
Mandan Refinery. Coordinates: 46°51′00″N 100°53′00″W. Mandan Refinery in 2017. The Mandan Refinery is the largest oil refinery in North Dakota, located within the northeastern corner of the city limits of Mandan, ND just north off Exit 153 of Interstate 94. As of 2022 it has a capacity of 76,000 barrels (12,100 m 3) per day. [1]
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.
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