North Dakota Bakken: 1 Billion Barrels Produced, 32 Billion Barrels Remain
Continental Resources, Inc. has stated the North Dakota and Montana Bakken oil field has produced 1 billion barrels of the light, sweet crude. According to IHS data, this milestone of cumulative oil production was reached in the first quarter of 2014. Couple this with the fact that North Dakota is poised to begin producing more than 1 million barrels of oil per day sometime this year and the true size and growth of this shale play begins to sink in.
“This milestone validates the immense potential of the Bakken field and development is just beginning,” said Jack Stark, Senior Vice President of Exploration for Continental. “Two-thirds of this oil was produced in the last three years. This is something our country can celebrate as the oil and natural gas industry continues to create jobs, grow our economy and secure America’s energy future.”
The Bakken Will Last 32 Billion Barrels
Rick Bott, President of Continental has insisted that the North Dakota Bakken shale oil formation has decades of life remaining. “There is a steep decline” in the North Dakota Bakken, Bott said, “but then there is a very, very long tail. You get flush production, but it’s the tail you really count on.” According to Bott, the oil and gas industry can expect to extract approximately 32 billion barrels more, or thirty years of growth, even with the current 3.5 percent oil recovery rate.
2 Million Barrels Per Day Predicted
Advances in horizontal drilling technology has been the key to unlocking the vast resources of oil in America. The Bakken field by itself appears to be the largest oil field disocvery in more than 40 years. Harold Hamm believes in the future growth of the shale play, predicting the Bakken field will ultimately produce 2 million barrels of oil per day.