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Page added on May 2, 2013
Bakken recoverable oil estimates are growing again
An oil-rich region of the north-central United States holds more than twice the recoverable crude supplies estimated just five years ago, a government study released Tuesday said. The Bakken Formation and Three Forks Formation — which span parts of Montana, North Dakota and South Dakota — together hold about 7.4 billion barrels of undiscovered, technically recoverable oil, it said. That is more than double the 2008 estimate from the United States Geological Survey, and officials called it a building block to energy independence. Officials said the jump in reserves was chiefly related to production now thought to be accessible in the Three Forks Formation, in the southern edge of North Dakota, which was not tallied in the previous study.
5 Comments on "Bakken recoverable oil estimates are growing again"
shortonoil on Thu, 2nd May 2013 6:30 pm
It is interesting that the USGS should refer to “technically” recoverable oil without mentioning economically recoverable oil. All the gold in the world’s oceans is “technically” recoverable. It’s just that no one would ever image that it could be economically affordable to do it. With 40% annual decline rates for these wells we may eventually discover that exactly 0.0% of it was economically recoverable. Two times zero is zero, but there is a lot of “technically” recoverable oil! How exciting!
GregT on Thu, 2nd May 2013 11:40 pm
It is amazing how this story has been parroted throughout the US news media, but nobody has taken the time to think about what this actually means.
The US currently consumes just over 7 billion barrels of oil per year. If this truly is ground breaking news, then the US is in far more trouble than it appears. Oh, and to top it all off, this oil has not even been discovered yet.
WTF?
BillT on Fri, 3rd May 2013 12:53 am
Desperation breeds lies and exaggerations. I fully expect the economy of the US to collapse long before we tap even a small percentage of the ‘possibilities’… lol. When that happens the fraking will stop, the importing will stop and the world will revert to a much simpler time.
MrEnergyCzar on Fri, 3rd May 2013 2:09 am
When is Titan technically recoverable?
MrEnergyCzar
northstation on Fri, 3rd May 2013 11:40 am
“…together hold about 7.4 billion barrels of UNDISCOVERED, technically recoverable oil, it said.”
Undiscovered oil? lol