New survey doubles amount of recoverable oil in N.D.

BIV

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Apr 22, 2002
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Minot Daily News
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BISMARCK Sen. John Hoeven today announced that the U.S. Geological Survey has determined that there are approximately 7.4 billion barrels of technically recoverable oil, more than twice the previous estimate in the Williston Basin.

The report also estimates there to be 0.7 trillion cubic feet of natural gas. It's the largest unconventional oil resource the USGS has ever assessed and it includes the Three Forks Formation. The last USGS study, released in April 2008, identified 3.65 billion recoverable barrels of oil in the Bakken formation with far more oil than that in place.

"This is clearly great news for North Dakota and great news for the nation," Hoeven said. "It will further serve to enhance our state's role as an energy powerhouse for the nation. More than two years ago I persuaded former Interior Secretary Ken Salazar to initiate a new USGS study of the Williston Basin to stimulate more private-sector investment in infrastructure like housing, hotels, retail stores and other services to meet the needs of a rapidly growing western North Dakota. This new USGS study further confirms and reinforces the fact that the Williston Basin is a sustainable, long-term play warranting strong private-sector investment for decades into the future."
http://www.minotdailynews.com/page/...ount-of-recoverable-oil-in-N-D-.html?nav=5010
 

Mags

LDAR, bitch.
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#2
Environmentalists in 3...2...1...
 

ruckstande

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Think of the squirrels! Won't somebody think of the squirrels!
 

MayrMeninoCrash

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#4
The caveat naturally is that this is "recoverable at a market price of about $100/barrel". This won't lower prices at all.
 

whiskeyguy

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#5
The caveat naturally is that this is "recoverable at a market price of about $100/barrel". This won't lower prices at all.
But increased technology and better recovery processes will. The most important thing is that it's there.
 

MayrMeninoCrash

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#6
But increased technology and better recovery processes will. The most important thing is that it's there.
It's like the West Texas wells. Most of them were capped in the '80's when the $10/bbl oil was siphoned off and they because cost prohibitive compared to Saudi Arabia's $3/bbl oil. Doesn't mean they "dried up" per se other than the easy oil was acquired and it would cost more to recover the rest than it would sell for (at the time). Now with current oil prices, and technology, we have vast resources available. Doesn't mean they were just discovered, it just means that the pricepoint and technology is now available to milk additional crude out of those holes.

There's a graph floating around (Google sux) which shows the total amount of resources versus cost per bbl. If we are willing to spend $250/bbl, there are nearly limitless supplies of crude available. At $50/bbl, we'd better fire up those Priuses.
 

Norm Stansfield

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Mar 17, 2009
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#7
The caveat naturally is that this is "recoverable at a market price of about $100/barrel". This won't lower prices at all.
How much of that is actual cost, and how much is taxation and regulatory costs?
 

ruckstande

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#8
So I guess putting Americans to work isn't a big bonus huh?
 

Creasy Bear

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#9
The increase was probably due to OWB's roustaclowning productivity being factored into the equation.
 

lajikal

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Another 6 months of juice.