Estimated Bakken Reserves Double
The U.S. Geological Survey, in a highly anticipated report to be released next year, is expected to at least double the amount of oil reserves that can be recovered from the U.S. portion of the massive Bakken play in North Dakota and Montana. This is the consensus of company executives and industry consultants interviewed by Petroleum News on the sidelines of the 2nd Annual Bakken Investor Conference held April 2-4 in Minot, North Dakota.
April 2008 was the last time the USGS reported on the immense play, estimating it held from 3-to 4.3 billion barrels of undiscovered, technically recoverable oil in an area generally known as the Bakken formation. The study estimated mean undiscovered volumes of 3.65 billion barrels of oil, plus 1.85 trillion cubic feet of associated-dissolved natural gas, and 148 million barrels of natural gas liquids. That estimate represented a 25-fold increase in the amount of oil that could be recovered compared to the agency’s 1995 estimate of 151 million barrels of oil.