One data point for dropping costs and faster drilling in Bakken

At Star Tribune, David Shaffer reports Bakken drilling costs dropping, Northern Oil and Gas says.

Cost of drilling is dropping. Drilling time is dropping.

Company executives say it currently takes 90 days to get from start of drilling to when the first oil and gas is produced. That is down by half since early 2012. That means they have seen a 50% improvement in one year.

They provide a specific data point for the cost of a well.

One well now can be drilled for $8.4 million to $8.8 million, and company officials see that dropping to $8 million on average by the end of the year.

Check out the full article.

(hat tip: Carpe Diem)

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