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As North Dakota oil production returns to record levels, a new analysis shows the state has 20 to 60 more years of drilling activity in its future.

The state produced an average of nearly 1.27 million barrels of oil per day in July, a new all-time high, according to preliminary figures released Friday by the Department of Mineral Resources.

July oil production saw a 3.4 percent increase and exceeded the previous record of 1.25 million barrels per day set in May.

Also Friday, the North Dakota Pipeline Authority presented new projections about how long the development of Bakken and Three Forks wells may last in North Dakota under current oil prices.

“There’s still somewhere between 20 and 60 years of drilling inventory in the state at today’s price point,” Director Justin Kringstad said. “That only gets larger as prices increase.”

Kringstad, who presented to the North Dakota Industrial Commission, said his findings are based on the industry continuing at a pace of adding 1,200 oil wells each year. The projections also consider current technology and don’t include the potential for enhanced oil recovery.