humble3d Posted July 24, 2014 Share Posted July 24, 2014 (edited) WHERE IS THE OIL ?3 to 4.3 Billion Barrels of Technically Recoverable Oil Assessed in North Dakota and Montana’s Bakken FormationContact Information:U.S. Department of the Interior, U.S. Geological SurveyOffice of Communication119 National CenterReston, VA 20192 Reston, VA - North Dakota and Montana have an estimated 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil in an area known as the Bakken Formation.A U.S. Geological Survey assessment, released April 10, shows a 25-fold increase in the amount of oil that can be recovered compared to the agency's 1995 estimate of 151 million barrels of oil.3 to 4.3 Billion Barrels of Oil in North Dakota and Montanadownload Download directly | Detailshttp://www.usgs.gov/faq/index.php?action=show&cat=21podcast icon itunes iconhttp://www.usgs.gov/corecast/details.asp?ep=38Technically recoverable oil resources are those producible using currently available technology and industry practices. USGS is the only provider of publicly available estimates of undiscovered technically recoverable oil and gas resources.New geologic models applied to the Bakken Formation, advances in drilling and production technologies, and recent oil discoveries have resulted in these substantially larger technically recoverable oil volumes. About 105 million barrels of oil were produced from the Bakken Formation by the end of 2007.The USGS Bakken study was undertaken as part of a nationwide project assessing domestic petroleum basins using standardized methodology and protocol as required by the Energy Policy and Conservation Act of 2000.The Bakken Formation estimate is larger than all other current USGS oil assessments of the lower 48 states and is the largest "continuous" oil accumulation ever assessed by the USGS. A "continuous" oil accumulation means that the oil resource is dispersed throughout a geologic formation rather than existing as discrete, localized occurrences. The next largest "continuous" oil accumulation in the U.S. is in the Austin Chalk of Texas and Louisiana, with an undiscovered estimate of 1.0 billions of barrels of technically recoverable oil."It is clear that the Bakken formation contains a significant amount of oil - the question is how much of that oil is recoverable using today's technology?" said Senator Byron Dorgan, of North Dakota. "To get an answer to this important question, I requested that the U.S. Geological Survey complete this study, which will provide an up-to-date estimate on the amount of technically recoverable oil resources in the Bakken Shale formation."The USGS estimate of 3.0 to 4.3 billion barrels of technically recoverable oil has a mean value of 3.65 billion barrels. Scientists conducted detailed studies in stratigraphy and structural geology and the modeling of petroleum geochemistry. They also combined their findings with historical exploration and production analyses to determine the undiscovered, technically recoverable oil estimates.USGS worked with the North Dakota Geological Survey, a number of petroleum industry companies and independents, universities and other experts to develop a geological understanding of the Bakken Formation. These groups provided critical information and feedback on geological and engineering concepts important to building the geologic and production models used in the assessment.Five continuous assessment units (AU) were identified and assessed in the Bakken Formation of North Dakota and Montana - the Elm Coulee-Billings Nose AU, the Central Basin-Poplar Dome AU, the Nesson-Little Knife Structural AU, the Eastern Expulsion Threshold AU, and the Northwest Expulsion Threshold AU.At the time of the assessment, a limited number of wells have produced oil from three of the assessments units in Central Basin-Poplar Dome, Eastern Expulsion Threshold, and Northwest Expulsion Threshold.The Elm Coulee oil field in Montana, discovered in 2000, has produced about 65 million barrels of the 105 million barrels of oil recovered from the Bakken Formation.Results of the assessment can be found athttp://energy.usgs.gov.For a podcast interview with scientists about the Bakken Formation, listen to episode 38 of CoreCast athttp://www.usgs.gov/corecast/.USGS provides science for a changing world. For more information, visitwww.usgs.gov.http://energy.usgs.gov/http://www.usgs.gov/corecast/http://www.usgs.gov/newsroom/article.asp?ID=1911 Edited July 24, 2014 by humble3d Link to comment Share on other sites More sharing options...
dMog Posted July 24, 2014 Share Posted July 24, 2014 so....what are you trying to say here?? Link to comment Share on other sites More sharing options...
kn_andre Posted July 24, 2014 Share Posted July 24, 2014 :unsure: :unsure: :unsure: :( :( Link to comment Share on other sites More sharing options...
dMog Posted July 24, 2014 Share Posted July 24, 2014 crap load of oil in the part of canada where i live too...and hardly any of it even looked at to be pumped out of the ground Link to comment Share on other sites More sharing options...
Airstream_Bill Posted July 24, 2014 Share Posted July 24, 2014 They will take it out of the ground as soon as they figure Out How to Get More Money out of Your Pocket. Link to comment Share on other sites More sharing options...
dMog Posted July 24, 2014 Share Posted July 24, 2014 actually i am betting the oil companies are holding out for tax payers to build the required refineries so big oil can make us the "stuff" we need to survive Link to comment Share on other sites More sharing options...
kn_andre Posted July 25, 2014 Share Posted July 25, 2014 That @dMog is Capitalism with a CAPITAL C .... :) :) :) Do have a Lovely weekend and Cheers ... ;) ;) Link to comment Share on other sites More sharing options...
dMog Posted July 25, 2014 Share Posted July 25, 2014 why the fuss...rum ...really really good rum is far more important than oil anyway Link to comment Share on other sites More sharing options...
Recommended Posts