Skip to comments.Will Bakken rival Ghawar oil field? (USA vs. Saudi Arabian sites)
Posted on 11/12/2012 10:43:28 AM PST by 2ndDivisionVet
Could oil production from the Bakken formation in North Dakota and Montana rival output from Saudi Arabia's supergiant Ghawar oilfield, the greatest oil-bearing structure the world has ever known?
Until recently, comparisons between the shale fields of the Bakken and Ghawar, which produces 5 million barrels per day, would have been dismissed as fanciful.
But Bakken's exponential growth and enormous reserves put it on course to produce more than 1 million barrels per day by the middle of next year, which will earn it a place in the small pantheon of truly elite oil fields.
Ghawar accounts for nearly half of Saudi Arabia's total declared capacity of 12.5 million barrels per day and has produced more than 65 billion barrels of oil since 1951.
Ghawar is one of only six super-giant oil fields that have produced more than 1 million barrels per day at their peak. Others are Burgan (Kuwait), Cantarell (Mexico), Daqing (China) and in the 1970s and 1980s Samotlor (Russia) and Kirkuk (Iraq).
Discovered in 1948, and just 174 miles long by no more than 31 miles wide, Ghawar is an extraordinary structure...
(Excerpt) Read more at tradearabia.com ...
Now, if we just don’t get outbid by China and India for our own oil.
China needs collateral for all of our debt... Gee I wonder why our hands are tied.
OPEC will pull out all the stops to kill this, if oil drops to $20-40 a barrel they are dead, they will not be able to continue paying the radicals not to overthrough them...
The stops for OPEC to kill this are pretty cheap to themselves; they just bribe 0bama and his bootlickers in Congress to regulate Bakken out of existence. Not to mention funding the American environmental nazis into tying up all further developments with lawsuits.
If he can’t get credit for it he’ll somehow shut it down.
OPEC is the largest doner to the US enviromental movement...