The costs to get the shale oil went from around $75 a barrel, same as the Alberta sands down to around $35 barrel today and the price keeps dropping. It backfired in ways that no one could have seen in late 2011. When the Saudis opened the valves to flood the world with cheap oil, it was their and the US Administrations goal to bankrupt the shale play. The price to drill and operate these wells is dropping quickly. technology in this field is expanding at a very quick pace. Notice that technology is changing very quickly, notice the rig count and the barrels per day per rig. Now with the rise in technology, that same organization now says this in 2013:Īn April 2013 estimate by the USGS projects that 7.4 billion barrels (1.18×109 m3) of undiscovered oil can be recovered from the Bakken and Three Forks formations and 6.7 trillion cubic feet of natural gas and 530 million barrels of natural gas liquids using current technology.[ The US EIA reported that proved reserves in the Bakken/Three Forks were 2.00 billion barrels of oil as of 2011 Now this is the same organization that states there are 2 billion barrels in the Levant Basin (where Zion is).
It states "technically" recoverable in 2008. Notice the word, and it is an important one. Later that month, the state of North Dakota's report estimated that of the 167 billion barrels (2.66×1010 m3) of oil in place in the North Dakota portion of the Bakken, 2.1 billion barrels (330,000,000 m3) were technically recoverable with current technology. In April 2008 the USGS released this report, which estimated the amount of technically recoverable, undiscovered oil in the Bakken formation at 3.0 to 4.3 billion barrels (480,000,000 to 680,000,000 m3), with a mean of 3.65 billion. Today those estimates are lower but its the details that grab you when you read between the lines. Wow, now before one gets excited as that is more than Saudi Arabia or darn near it. Oil was first discovered within the Bakken in 1951, but past efforts to produce it have faced technical difficulties.Ī research paper by USGS geochemist Leigh Price in 1999 estimated the total amount of oil contained in the Bakken shale ranged from 271 to 503 billion barrels (4.31×1010 to 8.00×1010 m3), with a mean of 413 billion barrels It dates from the 1950's.īesides the Bakken formation being a widespread prolific source rock for oil when thermally mature, significant producible oil reserves exist within the rock unit itself. This is not new, but a very old and well known formation. OK I will start with the following information about the Bakken (Williston Basin) formation in the Northern US.
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