Oil estimates double in western N.D.
The U.S. Geological Survey (USGS) released new numbers this week that double the amount of oil that could be recovered from the Three Forks and Bakken formation. The last estimate done in 2008 pegged the amount at more than 3 billion barrels, and this year’s most recent data shows 7.4 billion barrels recoverable. See the U.S. Geological Survey fact sheet on its assessment of undiscovered oil resources in the Bakken and Three Forks Formations. According to North Dakota Petroleum Council President Ron Ness, the new assessment number is conservative. The 2008 assessment didn’t include data from the Three Forks Formation, as large-scale drilling didn’t occur there until after the assessment. New estimates show that there’s as much recoverable oil in that formation as in the Bakken. According to the USGS, it’s the largest continuous oil accumulation it’s ever assessed. Read the story in the Bismarck Tribune. To see the U.S. Geological Survey presentation on results, click here.