Officials Say Pipeline Boosts Revenue by $6 Million a Month
10/11/2017
BISMARCK, N.D. (AP) — North Dakota officials say the Dakota Access oil pipeline has boosted the state’s tax revenues by $18 million in its first three months of operation.
State Pipeline Authority director Justin Kringstad tells the Bismarck Tribune that producers have seen a $2 increase per barrel in the average price for Bakken crude in June, July and August, compared to figures from 2016.
Kringstad attributes the increase to more competitive transportation costs since the pipeline went into service in June.
Kringstad’s figures are based on current North Dakota oil production, which increased 3.5 percent in August to an average of 1.08 million barrels per day.
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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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