Posted on 04/10/2008 11:30:14 AM PDT by reluctantwarrior
Using a geology-based assessment methodology, the U.S. Geological Survey estimated mean undiscovered volumes of 3.65 billion barrels of oil, 1.85 trillion cubic feet of associated/dissolved natural gas, and 148 million barrels of natural gas liquids in the Bakken Formation of the Williston Basin Province, Montana and North Dakota.
(Excerpt) Read more at pubs.usgs.gov ...
And we are using our food to make our cars go?? /S
I guess 3.65 b barrels is kind of disappointing
bump
We are all going to die. Common sense in today’s time tell’s me that everyone should be tooling down the expressway backwards.
Is this Breaking News?
Yea that’s only 170 days or so of US consumption... not all that much, really.
The USGS is not well known for it’s truth in volume estimates in the region. To begin with, they can only survey federal lands. Since most of the oil in the region is on private or Indian lands, the results are very misleading.
The actual industry seismic surveys reveal closer to 200 billion barrels.
There has never been a shortage of energy. The problem has been environmentalists and government.
Not really, and the 3.85 billion barrels is EXTREMELY LOW, by other articles I’ve seen. Most of those articles place more along the lines of 250 billion and 500 billion, which fits the natural gas estimates better.
This is the first post of this report on the internet so FR is out front again......
actually we use a small percentage of our food for fuel so I still am trying to find out why prices are so high MTF
RW
Garde la Foi, mes amis! Nous nous sommes les sauveurs de la République! Maintenant et Toujours!
(Keep the Faith, my friends! We are the saviors of the Republic! Now and Forever!)
LonePalm, le Républicain du verre cassé (The Broken Glass Republican)
ping
Indeed, if true it, it is a great find and would be able to supply the United States with all of its oil needs for an entire five and a half months.
More like Bakken News.
It is the first post of this report on the interent and it is interesting news about the USGS number versus the estimates
3.65 vs 200-500
First Casinos and now oil wells...Damn those indians have it good!
Toooooooo late, they have been drilling in the area for a long time and this has been out for sometime and drilling has been increasing.
In one recent article the total for oil in that area will reach 250-500 Billion barrels of oil.
http://www.freerepublic.com/focus/f-news/1998772/posts
http://www.freerepublic.com/focus/f-news/1936960/posts
http://www.freerepublic.com/focus/f-news/1960526/posts
http://www.freerepublic.com/focus/f-news/1672249/posts
This is the report not the news about the report
There are plenty of bogus numbers floating around when it comes to oil. Always has been so, probably always will be. Plenty of bogus characters, too.
Nope....the Bakken Formation has been known since the 50's.......
I think we would all feel better if there was a report that the Bakken formation held not just 500 billion barrels but 500 trillion barrels!
Just keep adding zeros to the reports and our gas prices will begin to fall by that day when Santa Claus brings everybody gifts.
There’s more. This is a big formation. Manatoba’s portion has 25B reserves. Not sure what has happened between the USGS 1995 estimate of 151 BB and today’s 3.5B?
Bismarck, N.D. (AP) Sen. Byron Dorgan says the U.S. Geological Survey is slated to release a study this week on the oil potential of the area known as the Bakken formation.
The shale formation encompasses some 25,000 square miles in North Dakota, Montana, Saskatchewan and Manitoba.
Dorgan says the study is to be released Thursday. He says it will estimate the amount of oil that is recoverable in the Bakken using current technology.
In 1995, the Geological Survey estimated the amount of recoverable oil in the Bakken at 151 million barrels.
I looked at the report. How deep is this oil?............
Chief WhiteHalfOat and his people have already been kicked off their land.
most at greater than 10,000 from other reports and most requires horizontal drilling. 10k foot well 800,000 dollars 10k foot well with 90 degree drilling at 10k 3 million dollars
Thanks!
Not nearly as good as we thought it would be.
WLL, EOG, MRO, CLR, and BEXP
BAKKEN the Saddle Again!
I’m Bakken the saddle again
Out where a friend is a friend
Where the longhorn cattle feed
On the lowly gypsum weed
Bakken the saddle again
Ridin’ the range once more
Totin’ my old .44
Where you sleep out every night
And the only law is right
Bakken the saddle again
Whoopi-ty-aye-oh
Rockin’ to and fro
Bakken the saddle again
Whoopi-ty-aye-yay
I go my way
Bakken the saddle again
I’m Bakken the saddle again
Out where a friend is a friend
Where the longhorn cattle feed
On the lowly gypsum weed
Bakken the saddle again
Ridin’ the range once more
Totin’ my old .44
Where you sleep out every night
And the only law is right
Bakken the saddle again
Whoopi-ty-aye-oh
Rockin’ to and fro
Bakken the saddle again
Whoopi-ty-aye-yay
I go my way
Bakken the saddle again
I think that after more actual production data is scrutinized these numbers will be seen as absurdly conservative. MTF
Why the need for 90° drilling?......
I can’t find it but i seem to remember talking about this earlier in the week and the estimate was in the trillion barrels. the math worked out to about a 97 year supply.
ping
3.65B?
“the total amount of oil in the Bakken Formation have varied wildly over the years, from 10 billion barrels to 500 billion barrels. The higher estimate was done by Leigh Price, a USGS geologist who died in 2000 before his study was published.”
http://www.businessweek.com/ap/financialnews/D8VTDV9G0.htm
Without horizontal drilling, the formation would be virtually unproducible.
The formation isn’t very thick.
This only reference undiscovered oil? I was expecting a report about the quantity of the previously discovered field.
I'm not sure of the range, but I believe horiz drilling is more efficient....you don't really see those horizontal only oil rigs side by side like the old days.
It’s much much better than you have been lead to believe. It has only begun to be drilled. The current producing well volumes double this recent propaganda from the USGS. The remaining 95% of the field has yet to be drilled.
This is the report? Then the thread title should be changed.
I am not a geologist or have any monetary interest in any of the players so its a laymans take on it.
Some of the best deposits are under a large lake in ND, some of the shale is accessible best from the side because of the overlaying rock .
The Bakken yields mostly oil. Higher concentrations of liquid methane are only a very small percentage of the overall production in the field.
Assuming 45M/day imports that’s about 81 years worth. We might be able to buy Wall Street back from the Arabs and Chinese.
Then please suggest a better one to the mods.....
Thread title change request: this IS the USGS report on the Bakken.
WINNER WINNER, CHICKEN DINNER... The only thing you can be sure of is that the numbers are nuts. If the Government had anything to do with it they don’t know anything for sure. All of the geological reports I have seen and the reports from Mobile say we have in excess of 200,000,000 Billion with a B. The Oil companies still do not know the exact extent of this formation. What ever it is a real blessing for all of the U. S. Now if we don’t fool around and sell it all to China..
the last USGS report cited 151 million barrels and this one cites 3,647 million barrels so I think it is about as good as a bureacrat will go out on a limb
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