The Crude Life Content News Correspondent Ken Lavin sits down with North Dakota Commerce Commissioner James Leiman, about how the state of North Dakota and the Bakken oil field can assist the energy issues with the Ukraine as well as other European countries.
“The state can help by putting more oil and gas online into supply chains,” Leiman said. “So when you think about the pressures the Russians are currently manifesting in Western Europe and the constant back and forth of whether we are going to shut off your oil and gas.”
Other states like Wyoming and Texas have also stepped up to the global podium in anticipation of sending resources overseas to America’s allies during this global crisis. Wyoming Governor Mark Gordon recently spoke with Jason Spiess about how their state can assist overseas and the logistical infrastructure in West Texas (Odessa Mayor Javier Joven and Midland Mayor Patrick Payton) is being built to produce next level energy.
“North Dakota, West Texas, Oklahoma, all those places, Wyoming too, all those can put more energy capacity online right now,” Leiman said.
He continued saying that if the Department of Energy was more accessible and receptive to American Energy Independence, the Bakken and other states could “inspire” new development and innovation.
“Why that is important is it creates slack in other markets, and in the global marketplace we all compete for the same energy resources,” Leiman said. “The more we can put online the better negotiating position Europeans are in as well as Americans.”
Carbon storage and the infrastructure being built to continue the evolution of how oil and gas companies are becoming a true “all of the above” energy company.
“North Dakota, a third of it, is geological capiable of storing every carbon molecule produced in the United States for 50 years,” Leiman said. “So here’s the deal, because of that we have seen a massive expansion of the types of projects we’ve been able to attract.”
One of those carbon capture projects involved Continental Resources, Carbon Summit Solutions and the Tharaldson Ethanol Plant. Continental Resources Inc. will commit $250 million over the next two years to help fund the development and construction of Summit’s $4.5 billion carbon capture and sequestration project.
Continental Resources Chairman Harold Hamm and CEO Bill Berry along with Summit Agricultural Group CEO Bruce Rastetter attended a press conference hosted by North Dakota entrepreneur Gary Tharaldson at the Tharaldson Ethanol Plant in Casselton, which is participating in the carbon capturing project.
“Continental Resources has called North Dakota home over 25 years. As the state’s largest leaseholder and producer, no company knows the geology better than we do,” said Harold Hamm, Continental Resources Founder and Chairman. “I want to thank the tremendous leadership of Senator Hoeven who, as governor, had the foresight to lay the groundwork for a project like this. North Dakota’s regulatory environment is second to none as the state will continue to lead in finding innovative ways to help reduce carbon emissions around the world.”
North Dakota Gov. Doug Burgum and Nebraska Gov. Pete Ricketts also attended the press conference which highlighted the importance of carbon capture and storage to U.S. energy security.
ND Commerce Commissioner Leiman said more investments like the Continental Resources one is happening across the state. He points to “the big gas-to-liquids facility” that announced near Trenton, which is attracting customers who are searching for Net Zero supply chain producers.
“So they are able to take gas, convert it to a sustainable aviation fuel, and then bury the carbon,” Leiman said. “Someone pays a premium, you’ve got billions of dollars invested here, you’ve got a home for significant quantities of gas and you are able to increase oil production as a result.”
North Dakota Department of Commerce worked with the North Dakota Development Fund to approved the initial support for Cerilon Inc. to develop a major gas-to-liquids (GTL) complex in North Dakota, with the initial phase estimated at $2.8 billion.
The Development Fund Board approved $3 million in initial developmental capital to Cerilon GTL Inc., a subsidiary of Calgary, Albert-based Cerilon Inc., for the GTL complex, with further financial support anticipated.
With this support, Cerilon GTL will proceed with the remaining development in anticipation of construction of the $2.8 billion Phase 1 GTL facility in Williams County. The GTL project supports state leadership’s strategy to diversify the energy industry and support clean, environmentally responsible energy development.
Lavin and Leiman then direct the conversation to yet another investment opportunity in the Bakken involving enhanced oil recovery.
“So you got what was once considered a liability in and around our region, we are able to monetize six or seven times over,” Leiman said. “From capturing their carbon and moving it to our geology, some people like 45Q, I personally would like to see more incentives for enhances oil recovery.”
Leiman continues with his opinion on why incentives and investments into EOR technologies would be beneficial to America’s industry, the planet’s environment and our global economy.
“I think if you were to reverse maybe the storage in the enhanced oil recovery number we would see those projects go a little more west for EOR,” Leiman said. “This way we can produce the cleanest meanest barrel of oil in the country and people will pay a premium for that.”
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