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House approves tax incentives for exploratory oil wells to spur innovation outside proven zones
Summary
Senate Bill 23-97 passed the House to create temporary tax exemptions and incentives for development incentive wells and certain uses of natural gas, aiming to encourage exploration and enhanced recovery outside proven Bakken zones.
The North Dakota House passed Senate Bill 23-97, a measure creating tax incentives aimed at encouraging oil and gas exploration and innovative enhanced-recovery techniques outside the core Bakken and Upper Three Forks producing zones.
Representative Jay Olson, speaking for the Finance and Taxation Committee, said the bill revises an earlier vehicle and now provides incentives for drilling in newer zones and for technologies that increase production from existing formations. "This is…
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