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5,000 new oil wells approved in Powder River Basin, Wyoming

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The Bureau of Land Management (BLM) has approved the development of 5,000 oil and gas wells in the Powder River Basin.

The addition of 8,000 jobs that this BLM approved project will bestow upon the industry is an exciting prospect. Equally, there is the $18 to $28 billion of federal revenue to consider.

Current results have proven quite favorable, with a Chesapeake well flowing 3,000 barrels of oil equivalent per day (boepd).

Between 2017 and 2018, Wall Creek-Turner wells turned heads with their production of one third of Powder River Basin’s oil and a quarter of its gas.

Although the Powder River Basin is a smaller area and unlikely to produce 1-million of barrels of oil per day like the Bakken and the Delaware Basin, this new project would add to the goal of the United States being self-sufficient in oil production. Additionally, it could provide energy security as the transition to renewables by 2050 takes place.

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