Bakken Formation

Archived from the original on 23 February Dec 24, , A number of publicly traded oil and gas companies have drilling rigs in the Bakken trend.

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Posts tagged Sanjiv Bhasin.. The corporate trading coach oli erfahrungen strategy seems to be to make everything bakken ölgesellschaften so difficult, you give up trying.. Don't see what you're looking for? Although the amount of oil in place is a very large oil resource, the percentage that can be extracted with current technology is another matter. In April the USGS released this report, which estimated the amount of technically recoverable, undiscovered oil in the Bakken formation at 3. In , a senior manager at Continental Resources Inc.

CLR declared that the "Bakken play in the Williston basin could become the world's largest discovery in the last 30—40 years," as ultimate recovery from the overall play is now estimated at 24 billion barrels 3. While these technologies have been consistently in use since the s, the Bakken trend is the place where they are being most heavily used: Some believe that waterflooding can raise the recovery factor at Viewfield from 19 percent to more than 30 percent, adding 1.

The Bakken formation has produced oil since , when a North Dakota well was completed in the Bakken. A major advance in extracting oil from the Bakken came in , when geologist Dick Findley realized that the dolomitic Middle member of the Bakken Formation was a better exploration target than the upper or lower members.

Although the middle member held less oil in place than the organic shales both above and below, it was able to maintain open fractures more than the shales. Horizontal wells in the middle Bakken were used successfully to develop the Elm Coulee Field in Montana.

Elm Coulee was key to later Bakken development because it combined horizontal wells and hydraulic fracturing, and targeted the dolomitic middle Bakken member rather than the shales of the upper or lower Bakken. The Parshall Oil Field discovery, combined with other factors, including an oil-drilling tax break enacted by the state of North Dakota in , [44] shifted attention in the Bakken from Montana to the North Dakota side.

According to the North Dakota Department of Mineral Resources, daily oil production per well reached a plateau at barrels in June Although the number of wells tripled between June and December , oil production per well remained essentially unchanged.

However, as more wells were brought online, total oil produced continued to increase until it peaked in mid at 1. The increase ended because of a slow decline in daily production per well that began in , down to barrels in mid A number of publicly traded oil and gas companies have drilling rigs in the Bakken trend. There are several companies whose Bakken holdings and tight oil expertise may have made them attractive takeover targets.

The Norwegian company Statoil bought Brigham Exploration in The large increase in tight oil production is one of the reasons behind the price drop in late With the persistently low price of oil in , there was pressure on rigs to maximize drilling speed, with associated additional risks to the crews. It was reported that on average, an oil worker died in the Bakken every six weeks.

The well owner may avoid liability for accidents if the blame can be assigned to the rig subcontractor. Statutes have been established to prevent this in four other oil-producing states: Texas , Louisiana , New Mexico and Wyoming. The great increases in oil and gas production have exceeded the area's pipeline capacity to transport hydrocarbons to markets. There is only one refinery in the area.

As a result, the oil and gas prices received have been much lower than the normal North American index prices of West Texas Intermediate for oil and Henry Hub for gas. The shortage of pipeline capacity has caused some producers to ship oil out of the area by more expensive methods of truck or railroad.

At least 15 major accidents involving crude oil or ethanol trains have occurred in the United States and Canada since , and most small cities such as Lac-Megantic are not prepared for oil train explosions and fires.

In March , Canadian pipeline company Enbridge completed a pipeline to take North Dakota oil north into Canada, where it hooks up to Enbridge's main pipeline delivering western Canadian oil to refineries in the American Midwest. Unlike the rejected cross-border Keystone XL Pipeline , [72] the pipeline project to carry American crude across the border was approved by the US government without controversy.

The oil boom has given those who own mineral rights large incomes from lease bonuses and royalties. The boom has reduced unemployment and given the state of North Dakota a billion-dollar budget surplus. The industrialization and population boom has put a strain on water supplies, sewage systems, available housing and government services of the small towns and ranches in the area.

From Wikipedia, the free encyclopedia. Redirected from Bakken formation. Bakken Formation Stratigraphic range: Hydraulic fracturing in the United States. North Dakota oil boom. Archived from the original on Could there be billions in the Bakken?

Retrieved October 24, Timeline of Events in Quebec Train Disaster". Price, and Julie A. Geological Survey Professional Paper , Archived from the original on October 14, Sub-salt drilling could net billions of barrels".

Archived from the original on November 14, Retrieved December 4, Retrieved May 1, The doubling of the estimate resulted largely because of the first look at the Three Forks Formation in North Dakota, which the Geological Survey said contains 3.

Its reassessment of the Bakken Formation, which lies above Three Forks, showed 3. The agency's conclusion that the formations contain 6.