KOTA Territory businesses could profit from Bakken Oil fields - KOTA Territory News

KOTA Territory businesses could profit from Bakken Oil fields

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The Bakken Oil boom helped launch North Dakota into second largest oil producing state.

On Tuesday, speakers at a Rapid City seminar will discuss different ways businesses in KOTA Territory can tap into the boom and those opportunities are endless.

"Right now it's like a mad dash to get up there and see what you can do," said Ben Folsland, President of West River Financial.

Folsland says for the last year he's advised business owners looking for a foothold in North Dakota.

"I've talked to people who are building houses, people who are building apartments, people who are building hotels, people who are doing all kinds of mixed use developments. There's just a need for everything right now," said Folsland.

A need businesses in KOTA Territory can fill.

"I would look at this as a market, a growing almost exploding market. So the potential of dollars that are going to be spent on XYZ is going to be phenomenal," said Ben Snow, President of Rapid City Economic Development.

Snow says ‘XYZ' can pretty much be any service or product a business already provides, such as manufacturing and expanding those services to fit the needs in the oil field.

"All of the opportunities to fill a supply chain- the opportunities to service that are up in the Bakken. To me that option is very much in play now and for as long as this lasts," said Snow.

While no one knows how long the Bakken Oil field will continue to boom, Snow says the amount of money the large oil companies are willing to invest is a good indication.

"And what we're seeing up there is a lot of money being put into facilities that really have a feel for more permanence then maybe what we've seen in the past boom bust cycles," said Snow.

In the last few years the Bakken Oil field has experienced so much growth that now 87 percent of North Dakota's oil production comes from that area.

And experts say jobs in the Bakken is the single reason North Dakota has the lowest job unemployment rate in the country.

Former North Dakota Governor Ed Schafer will be the keynote speaker at Tuesday's forum.

He's expected to discuss job growth, retail and housing needs, as well as how long the oil boom will last.

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