A
strange thing has happened in the ongoing development of the Bakken
oil producing region of the United States. While more than a few
writers and analysts have talked about producers in the Bakken region
suffering from too little takeaway capacity, a large pipeline
operator has canceled plans to build a pipeline that would have
carried crude from the Bakken region down to the Cushing, Oklahoma
hub.
No Thanks, We're Fine
ONEOK
Partners
(NYSE:OKS)
had planned to build the Bakken Crude Express Pipeline to connect
multiple points in the Williston Basin (part of the Bakken formation)
in Montana and North
Dakota, a top oil producing state, to Cushing. The pipeline would
have been about 1,300 miles long, carried about 200,000 barrels per
day and covered much of the same territory as the Bakken NGL Pipeline
project that is underway at a cost of around $1.7 billion.
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