20 Billion Barrels of Oil in North Dakota
From NextBigFuture.com
Harold Hamm, chairman and chief executive officer of Continental Resources Inc., said the formations in North Dakota and Montana hold about 20 billion barrels of recoverable crude, or about five times the amount previously estimated by federal geologists. The formations also hold the natural gas equivalent of 4 billion barrels of oil. New drilling technology has cut the amount of time needed to complete a well from 65 days in 2008 to about 25 days.
The U.S. Geological Survey released a study in 2008 that estimated that up to 4.3 billion barrels of oil can be recovered in the Bakken. USGS geologist Rich Pollastro said the agency hasn’t seen enough data to amend its estimate.
“We think our numbers are fine,” Pollastro said Thursday. “We don’t see anything at this point that would radically change them.”
A state study released after the USGS study found a near identical assessment as the federal report. The state has since bumped its estimate to about 11 billion barrels of oil, based on drilling success and current production rates.
Ed Murphy, the state geologist and director of the Geological Survey, said Continental’s new estimate is possible.
“We know the Bakken is going up but we think (Continental’s) estimate might be on the high end of what we would potentially come up with,” Murphy said.
“The technology continues to improve,” Hamm said.
Hamm called his company’s assessment “believable” and could mean production at 1 million barrels daily by 2020. He told bankers that would make North Dakota “one of the 13 or 14 largest producing countries — not just state.”
Hamm ranked as the 44th-richest American last year, with a net worth of nearly $6 billion, by Forbes magazine estimates
If you liked this article, please give it a quick review on ycombinator or StumbleUpon. Thanks
netseer_ad_width = "750";
netseer_ad_height = "80";
netseer_task = "ad";
//]]>
Featured articles
Ocean Floor Gold and Copper
Ocean Floor Mining Company
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).
| Online: | |
| Visits: | 1,599,457,616 |
| Stories: | 8,139,281 |
Whistler Blowers, Insiders
If our government continues to let is citizens to hostage the the hostile whims of the middle east for our energy needs then the all most go! The markets are highly manipulated and just another way to control and rob people. We need to end this “peak oil” mentality and release this oil now.