Posted on 07/19/2013 1:40:21 PM PDT by thackney
Jobs are here!
Wish I was a younger man, I’d high tail it up there for work.
Why not Minot? Freezin’s the reason.
I’m bad at math. At 800,000 bpd, how many years of supply does the Bakken formation have before depletion?
And fuel is still approaching $4 a gallon.
How many illegal aliens do they need to fill all these jobs?
Obama’s people are taking it in the shorts. Gasoline in Chicagoland is around $4.15/gallon for regular. Up in Southeast Wisconsin it is around $3.65.
A friend of mine who works construction went up to ND for a month and made some BANK! He said they are desperate for good contractors up there.
3.6 billion barrels, divided by 800,000 barrels per day, equals 4500 days, or 12.3 years... if no more deposits are discovered there, if no new technologies allow deeper drilling, and if no new methods improve extraction percentages.
The jobs are VERY well-paying, and there is no shortage of applicants. They don’t need to risk fines and penalties by hiring illegals.
The other variable is increased production and faster depletion. But that is a good rough number. Thanks.
There are many reasons for that, and few of them have anything to do with the drilling companies.
The Bakken Formation and Three Forks Formation, which spans parts of Montana, North Dakota and South Dakota together hold an estimated 7.4 billion barrels of undiscovered, technically recoverable oil.
http://www.reuters.com/article/2013/04/30/usa-energy-bakken-idUSL2N0DH26020130430
While both the production rate, as well as the technically recoverable reserves, are unlike to hold constant, the math would be:
7,400,000,000 bbls divided by 800,000 BPD = 9,250 days = 25.3 years
Yep, cut the price of oil in half and watch the production rate fall. This isn't the cheap easy oil of the last century.
thackney; I like your number better.
It depends on which reserve estimate you take. For 18 Billion the figure comes in at 61 years.
You need to include the Three Forks as much of the new production is coming from that layer as well. It has been raised again to 7.4 billion barrels.
Bakken, Three Forks resources rise twofold in new USGS estimate
http://www.ogj.com/articles/print/volume-111/issue-5/general-interest/bakken-three-forks-resources-rise-twofold.html
05/06/2013
The latest assessment, which includes the Three Forks for the first time, found the Bakken has a 3.65 billion bbl estimated mean resource—unchanged from 5 years ago—and Three Forks has an estimated mean 3.73 billion bbl. The formations’ combined estimate ranges from 4.42 million bbl, with a 95% chance of production, to 11.43 billion bbl, with a 5% chance.
What source claims 18 Billion as technically recoverable?
That’s why I used the low 3.6 billion number, and added the codicils about new deposits, improved tech, and improved efficiencies. =)
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