scale of bakken oil

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scale of bakken oil

by Jodi
(Sturbridge, MA)

Show us what the cost would be to extract the oil, I see no cost analysis and if there is an estimate total volume of 413 billion barrels of oil; how will that only last 8 months when we use 7 billion in a year?

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scale of bakken oil

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Mar 11, 2010
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The Real Bakken
by: David

The comment about the Bakken production is the typical comment that you would get from someone with only tangential and not specific knowledge. The Bakken play is what is referred to as a resource play. Ten years ago, resource gas was only a dream in most areas - it is now over half of our natural gas production. The Bakken is an early stage oil resource play. The industry has to go through a lot of trials in drilling methods, muds, completion techniques, and frac design. In the last two years these technologies have solidified and drilling costs significantly reduced and recoveries and production greatly increased. Typical costs are now $6 to $7 million, multi stage fracs are being used with out to two mile horizontals. Initial rates in excess of 2,000 barrels per day have been seen. Based on performance expected recoverable reserves of 550,000 barrels are typically proven by each of these wells. This results in finding and development costs of less than $20 per barrel. This is why at state and federal lease sales in the area, acreage values have gone to the $2,000 to $3,000 per acre.

The Bakken is an important and economic oil play that is significant. It will not solve all of our energy problems but our solutions lay in developing many projects in all prospective areas. As we saw in gas, the early shale gas horizontal drilling plays took a lot of time to develop and led to similar and better plays in many other areas - now dominating the gas reserve base and production. The Bakken oil shale may well do the same for numerous other potential oil shales in other areas.

Dec 10, 2009
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common sense
by: Anonymous

Bakken wells cost 5 - 15 million dollars to drill. There are plenty of bakken wells that only produce 20 - 30 bbls of oil per day. Given the time value of money when you discount all your future production back to today's dollars, you never make your money back.

Oct 29, 2009
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available oil
by: Roger

The 7 months is based on the 4.3 billion barrels of readily available oil. The rest is not considered available as the cost to extract it is too high to be profitable.

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scale of bakken oil

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scale of bakken oil