Posted April 30, 2013
The U.S. Geological Survey has new estimates for oil and natural gas in the Williston Basin shale area that simply blows the doors off previous estimates:
- 3.65 billion barrels of undiscovered, technically recoverable oil for the Bakken Formation.
- 3.73 billion barrels for the Three Forks Formation.
- The total, 7.38 billion barrels, is a two-fold increase over USGS’ 2008 estimate, which included only the Bakken Formation because Three Forks wasn’t thought to be productive.
The chart below shows how resource estimates have skyrocketed since 2008 and 1995, when the assessment totaled only in the millions of barrels:
Jane Van Ryan
Posted November 18, 2010