Apache Discovers "Largest Oil Discovery Of Oil Off The Coast Of Western Australia In 20 Years" -- August 18, 2014

Putting the Bakken into perspective. Bloomberg is reporting:

Apache Corp., the U.S. oil producer, weighing plans to sell international assets after investor pressure, announced the largest discovery in 20 years off the coast of Western Australia.

The Canning Basin may hold as many as 300 million barrels of oil, according to six samples from a well about 110 miles north of Port Hedland, the Houston, Texas-based company said today in a statement.

Apache holds a 40 percent stake in the area that includes the Phoenix South-1 well. One of its partners, Carnarvon Petroleum Ltd., rose the most in 24 years on the news.

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But let's put this in perspective. This is the "largest discovery in 20 years off the coast of Western Australia." 

300 million bbls.

I assume that's recoverable bbls.

"They" will produce 300 million bbls of oil from the North Dakota Bakken in less than one year at a million bopd.

• Lowest estimates in the Bakken: about 7.4 billion recoverable bbls (USGS Survey, 2013)
• Higher estimates in the Bakken: 25 billion (with a "B") bbls (500 billion bbls OOIP; 5% recovery). 
• Even higher estimates in the Bakken: 27 billion bbls (903 billion bbls OOIP; 3% recovery)

That's an interesting figure: 7.4 billion bbls.

7.4 billion / 1 million bopd = 7,400 days / 365 days = 20 years.

The 2013 USGS survey included the middle Bakken and the upper Three Forks. It did not include the lower benches of the Three Forks.