How much oil is Bakken Formation?

How much oil is Bakken Formation?

The USGS estimates that there may be 4.4 to 11.4 billion barrels of undiscovered, technically recoverable oil in the Bakken Formation (with a mean estimate of 7.4 billion barrels).

Where is the Bakken oil formation located?

western North Dakota
The Bakken Formation is located in western North Dakota, eastern Montana, and southern Saskatchewan, Canada, as a subsurface formation within the Williston Basin. The Williston Basin extends to southwestern Manitoba, east-central North Dakota, northwestern South Dakota, eastern Montana, and southern Saskatchewan.

When did drilling start in the Bakken Formation?

Horizontal drilling in North Dakota’s area of the Bakken began in the 1980s, but was not widely used until the last decade. In the early 2000s Bakken developers began drilling horizontal laterals into the Middle Bakken formation, the sandstone layer between the two shale layers.

When did Bakken oil boom start?

Around the year 2002, an oil boom began in the Bakken formation. New technology made it possible for oil companies to get the oil and gas out of the shale rock. This technology was called extended reach horizontal drilling.

Is Bakken crude heavy or light?

Crude oil in this API gravity range—the fastest-growing category overall—reached 2.5 million b/d in 2018, driven by increasing production in the tight oil plays of the Permian and Eagle Ford. The crude oil produced in North Dakota’s Bakken formation also tends to be relatively light.

Will the oil boom?

But in terms of timing, an oil price boom based on a fundamental supply-demand imbalance could start as early as the third quarter of 2021 or be delayed until 2022. And there are good reasons to believe that it will not last for decades. Indeed, in our view, it could be over in 12 to 18 months.

How much does it cost to drill an oil well in North Dakota?

Lynn Helms, director of North Dakota’s Department of Mineral Resources, put the average well completion costs for the Bakken at $9 million to $11 million — or about $3 million higher than the other hot U.S. oil development in Texas, the Eagle Ford.

Is Bakken still booming?

Despite rise in oil prices, North Dakota’s Bakken showing no signs of boom. While producers are likely to scale up production some by completing unfinished wells and increasing output from existing wells, the price forecasts aren’t enough for companies to drill new wells anytime soon.

How big is the Bakken oil field in North Dakota?

The Upper Devonian and Lower Mississippian Bakken Formation in the United States portion of the Williston Basin is both the source and the reservoir for a continuous oil accumulation – in effect a single very large field – underlying approximately 17,800 mi2 (46,100 km2) of North Dakota and Montana.

Is the Bakken Formation an oil field in Canada?

The Bakken Formation in Canada contains additional resources and has been called one of the largest oil fields in Canada. In early 2008 only a few wells had been drilled into the Bakken, and its viability as a resource was uncertain.

How are boreholes used in the Bakken formation?

In this way, a borehole can contact many thousands of feet of oil reservoir rock in a unit with a maximum thickness of only about 140 feet (40 m). Production is also enhanced by artificially fracturing the rock, to allow oil to seep to the oil well .

What kind of rocks are in the Bakken formation?

Bakken Stratigraphy Bakken Stratigraphy: Generalized stratigraphy of Paleozoic rocks in the Williston Basin of Montana. From Montana Board of Oil and Gas (source).