NORX
The Bakken Formation
The Bakken Shale Formation was entirely undeveloped until the oil and gas
industry developed new technologies for horizontal drilling and fracking.
Since then, development of this formation throughout Montana, North
Dakota, Saskatchewan and Alberta has been unprecedented. The Bakken is
America’s most immediate opportunity for a path to energy independence.
In the past 5 years the Bakken Shale has already doubled the proven oil
reserves of the USA, with growing estimates of over 40 billion barrels of oil,
compared to 21 billion for the rest of the country. On November 3rd, 2011, a
new production record was set for a Bakken well when the Whiting Petroleum
Tarpon Federal # 21-4H posted an IP of 7,009 BO in a 24 hour period. Wells
with IP’s over 5,000 BOPD in the Williston Basin are no longer unusual.
Currently, North Dakota has over 450,000 BO monthly production and is
expected to top 1,000,000 BO by 2015. Industry experts predict that drilling
will not slow until 2030, and that Bakken production will continue until 2100.
“The U.S. Geological Survey (USGS) has called the Bakken Formation the
largest continuous oil accumulation it has ever assessed.......as much as 500
billion barrels of oil sitting untapped beneath Montana, North Dakota...
a potential supply of oil four times as large as that held in Saudi Arabia’s
massive Ghawar region.”
“
In 2004, production was 278,540 barrels,
and in 2007 the yield jumped to just shy of
5 million barrels
.
In 2011, over 180 million barrels were produced.
With more and more companies buying and
developing Bakken Formation land, this trend
is unlikely to stop in the coming years.
” |
