An increase in oil demand – spawned by multiple factors – may require collaborative efforts from a number of organizations involved in the extraction and shipment of crude from the Bakken formation.
Thus far, several measures have been taken to improve oil shipping speeds from the formation spanning parts of North Dakota and Montana. This includes a $197 million project from BNSF railway to improve railroad tracks and hire new staff, according to Reuters.
These measures are necessary due to a massive increase in demand for oil from the Bakken formation. Thus far, BNSF has shipped 7,000 barrels of crude oil from the area, a 7,000 percent increase from 2007, when the company first began transporting oil via train.
"Because this shale development growth came about so quickly, there has been a shortage of pipeline capacity to deliver production from new unconventional sources to coastal refiners," said BNSF chief marketing officer John Lanigan in a press release. "BNSF has responded quickly to enable producers to move crude to the most attractive markets and secure the best prices."
While improving shipping operations will undoubtedly help satisfy increasing demand, those tasked with extracting oil from the ground can do their part as well. The quicker the oil is available, the sooner it can be delivered, which can help alleviate some concerns related to supply. The implementation of artificial lift solutions will improve the speed and efficiency of oil production.
Oil producers looking to improve the extraction process with a cost effective artificial lift solution should contact an oilfield technology consultant to gain the solutions they need to ensure they are operating quickly, safely and efficiently.