Wednesday, May 1, 2013

Interior Doubles Oil & Gas Reserve Estimates in North Dakota




The Three Forks Shale formation, which lies mostly in North Dakota but extends into Montana and South Dakota, was not included in the estimates published by the Interior Department four years ago.  Intense exploration in that formation since then caused the Interior Department to reassess, and the new numbers double the old estimates of recoverable oil and gas in the region.  Here's the AP Story.  Below is an excerpt.

The surge comes primarily because of the Three Forks shale formation, which lies mostly in North Dakota and crosses into South Dakota and Montana. It was considered to have little potential for productive drilling the last time federal geologists launched an estimate of the area, four years ago. But advances in drilling techniques and growing activity by oil companies caused the U.S. Geological Survey to take a closer look.
The USGS now thinks the Three Forks formation contains 3.73 billion barrels of undiscovered and technically recoverable oil. Combined with a similar figure for the neighboring Bakken formation, it represents double the oil and nearly triple the natural gas that geologists thought the region held four years ago.
“The Three Forks was the big unknown,” said Brenda Pierce, the energy resources program coordinator for the USGS. “There’s been tremendous development in the Bakken, but the Three Forks is up and coming.”

Read more here: http://www.mcclatchydc.com/2013/04/30/190031/interior-increases-estimate-of.html#.UYEB_StATjQ#storylink=cpy

Who'd a though advances in drilling techniques would increase production of oil & gas?

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