Continental Resources (CLR -0.9%) President Rick Bott pushes back against arguments that the U.S shale oil revolution will be short-lived, insisting that there are decades of life remaining in North Dakota’s Bakken formation alone.
“There is a steep decline” in the Bakken, Bott admits, “but then there is a very, very long tail. You get flush production, but it’s the tail you really count on.”
With a potential 900B barrels of oil, even at the current 3.5% recovery rate, the industry can extract ~32B barrels, or three decades worth of growth, Bott says.
Suggesting vast Bakken resources remaining, CEO Harold Hamm tells Jim Cramer that CLR believed two years ago that 50K wells were needed but the number has since doubled.