Tuesday, August 5, 2014

North Dakota Sets New Production Record -- August 5, 2014

This story (from a different source) was posted earlier, but it's just so much fun to see it in print and to read about it again, I wanted to post it again, this time from a different source.

Rigzone is reporting:
Crude oil production from the Williston Basin’s Bakken and Three Forks formations boosted North Dakota’s crude oil production to a new record of more than 1 million barrels per day (bpd) in April and May of this year. 
Advances in drilling methods and technology, a better understanding of the Bakken’s geology, higher crude oil prices, and the formation’s large size and number of wells have contributed to higher production and potential for future growth, according to the U.S. Energy Information Administration’s (EIA)
In June, Wood Mackenzie estimated that 21 billion barrels of light sweet crude oil will ultimately be recovered from the Bakken and Three Forks play, higher than the U.S. Geological Survey’s April 2013 estimate of 7.4 billion barrels.
21 billion bbls.

The original Leigh Price paper: 500 billion bbls original oil in place.

21/500 = 4%

I'm still sticking with 45 billion bbls ultimately recovered in primary production

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