Who’s got the Oil Drilling Rigs to Take on Texas?

February 7, 2014 by Rig Source Inc.

Get ready Texas, North Dakota is bringing in more oil drilling rigs at an increasingly steady pace thanks to the discovery of substantial amounts of oil in the Bakken Formation. A recent article in the Bakken Oil and Business Journal talked about North Dakota’s potential to follow in Texas’s footprints, and become this century’s leading oil producer. It’s been found that historical events in Texas’ history are almost identical to that of which North Dakota is currently experiencing.

texas vs north dakota for oil production

The Comparison between Texas and North Dakota

Just like anything new, everyone wants a piece of it, and it is no different when it comes to oil. New fracking technology has allowed us to uncover significantly sized oil reserves in North Dakota that are leading to a large influx of industrialization and increased employment opportunity. Along with this come problems such as housing crisis from the growing population. All of these growing pains can be attributed to the oil discoveries, and resembles a repeat of the Texas oil rush that began in the early 20th century.

What All This Means for Texas Oil Drilling

Long story short, it means Texas may not hold the throne in the US as the top oil producer forever. History has a way of repeating itself, and if that’s the case, it may just be North Dakota’s turn to rank in the top spot. Since the discovery of the Bakken Formation, oil reserve predictions for North Dakota have been severely underestimated, sometimes by almost 46%. North Dakota lawmakers can’t even keep up with the exponential growth of surplus. It was mentioned that by the time lawmakers finalize plans for using the funds, the funds will likely double.

What This Does for the US and North Dakota

The discovery of such large quantities of oil reserves is certainly beneficial to the state of North Dakota as it guarantees the expansion of drilling operations for at least the next two decades. The entire expansion will help drive up North Dakota’s population by offering plentiful job opportunities and increasing the value of land that current resident’s already own.

Additionally, the North Dakota boom will contribute to the United States ability to surpass the current world’s top oil producers which are Russia and Saudi Arabia. Exactly when this will happen is unpredictable but IEA (International Energy Agency) claims it will be by 2015.

Regardless, as the expansion progresses so will everything else, and in time, the need for oil drilling rigs will likely increase as well. Rig Source is ready for North Dakota just as it has been for Texas and many other oil rich states. We offer great deals on all types of oil drilling rigs and packages, and provide the best customer service around. To get into the one that is right for you, give us a call or visit our online oil drilling rig showroom. 

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