Bakken Oil Reserves Just DOUBLED in Size!

Bakken Oil Reserves Just DOUBLED in Size!


Last Tuesday, the United States Geological Survey (USGS) issued an updated estimate of how much oil and gas is in the Bakken and Three Forks formations. The formations include parts of North Dakota, South Dakota and Montana.
by John Pendleton  |   http://www.usgs.gov/blogs/features/usgs_top_story/usgs-releases-new-oil-and-gas-assessment-for-bakken-and- three-forks-formatio  |   Monday, May 06, 2013
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Last Tuesday, the United States Geological Survey (USGS) issued an updated estimate of how much oil and gas is in the Bakken and Three Forks formations. The formations include parts of North Dakota, South Dakota and Montana.

Acting Director of the USGS, Suzette Kimball, described the re-assessment, as being part of "a nationwide project assessing U.S. petroleum basins using standardized methodology and protocol." Back in 2008 the USGS calculated that the region contained a total of 3.65 billion barrels of oil (BBO). Considering the more than 4,000 wells that have been drilled and all the oil that has been extracted in the more than four years since that survey was done, one would think the amount of oil would be less, rather than more. Instead, as technology improved, more oil could be accessed, and the estimate of available oil climbed.

The new survey shows 7.38 BBO of undiscovered, technically recoverable oil, roughly double the original estimate. That's enough to meet ALL of America's oil demands for an entire year!

The huge new numbers are due, in part, to improved exploration and extraction technologies, also a better understanding of the Three Forks formation. Until recently there was only very limited data on the Three Forks Formation and it was generally believed to be unproductive, but new drilling resulted in a much better understanding of the reservoir and its resource potential.

On top of all that oil, the two formations are estimated to hold 6.7 trillion cubic feet of undiscovered, technically recoverable natural gas!

They are going to be drilling there for a long, long time.

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Karim | Tuesday, September 17, 2013
Remember,that is the amount that is rbloveraece with today's technology. They estimate there is more than 4.6 billion barrels. In any context, that is still a lot of oil. Williston's sales taxes and airport departures are increasing by double digits every year and there is a waiting list in the hundreds for apartments 18-20 year olds can easily make over 100K/year in the oil field. This boom will not last (I was in Williston for the last boom in the early 80 s), but all accounts show it will last while oil prices stay up.
 
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