Saturday, January 29, 2011

Back to the subject of Oil and energy

Problem is if the US actually took this and kept it at home the Arab/
Moslem markets would collapse....

That would be bad for business.


Contact Information:
U.S. Department of the Interior, U.S. Geological Survey
Office of Communication
119 National Center
Reston, VA 20192 Main Contact
Phone: N/A


Read FAQs about the Bakken Formation.
Listen to a podcast with the lead scientist on this topic.
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 Montana

Technically 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 at http://energy.usgs.gov.

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