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Author Topic: Shale oil estimates double: 7.4 billion barrels in N.D., Mont. Back to Topics
wmderrick
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Twin Cities

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Message Posted: Apr 30, 2013 6:14:00 PM

Oil fields in North Dakota and Montana contain twice as much oil and nearly three times as much natural gas as the government had earlier estimated, according to a new report from the U.S. Geological Survey.

Most of the newly-estimated reserves are in a shale formation below the Bakken formation.

The new estimates will likely boost the confidence of investors looking to build homes, stores and badly-needed infrastructure for processing natural gas, said Rob Grunewald, an economist at the Federal Reserve Bank of Minneapolis.

“I think that those who are making investments in the region can make those investments with confidence,” Grunewald said.

The USGS estimated in 2008 that between 3 billion and 4.5 billion barrels of oil can be recovered from the Bakken formation and surrounding area
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REPLIES (newest first) Post a Reply
NedW
Champion Author Indianapolis

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Message Posted: May 2, 2013 2:42:25 AM

Thank you for submitting this article, wmderrick.
Bttlecat
Champion Author Oklahoma City

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Message Posted: May 1, 2013 10:45:51 PM

More reserves gives our children and grand children a brighter future and more time to develope other sources.
drpepperTX
Champion Author Texas

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Message Posted: May 1, 2013 10:58:42 AM

It's not really a game Tom2TLee. The technically recoverable oil (oil we can access using today’s technology) is now over 1440 billion barrels in the US alone. That's a 205 year supply at current consumption levels.

The game monicker does apply with the term proven reserves though. Funny thing is our proven reserves were 20 billion barrels in the 1940's, today they are listed at 20.7 billion barrels. As technology improves so do technically recoverable amounts of reserves.
1momsunshine
Champion Author Ottawa

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Message Posted: May 1, 2013 1:40:36 AM

ok
MN1
Champion Author Twin Cities

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Message Posted: May 1, 2013 1:04:47 AM

Sure.
JohnofGB
Champion Author Flint

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Message Posted: May 1, 2013 12:38:56 AM

Now if we had the refineries near where the crude is to make gasoline out of the crude, we would be all set.
bisonjim
Champion Author Florida

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Message Posted: May 1, 2013 12:38:17 AM

And,the lower prices are where????
Vetteblu
Champion Author Denver

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Message Posted: May 1, 2013 12:28:35 AM

Ya, ya, ya......
LostInNY
Champion Author New York

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Message Posted: May 1, 2013 12:08:38 AM

Watch for double the sinkholes and earthquakes too
listerone
Champion Author Boston

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Message Posted: Apr 30, 2013 11:33:12 PM

Great...they'll be both part of the new nation formed by states that secede
Zing20
Champion Author Fresno

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Message Posted: Apr 30, 2013 11:14:27 PM

That's a lot of oil, better keep it here instead of exporting.
davenles
Champion Author Texas

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Message Posted: Apr 30, 2013 11:05:38 PM

So they will develop it and ship the production to China.
DixieQueene
Champion Author Florida

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Message Posted: Apr 30, 2013 10:54:16 PM

keep drilling, don't stop, produce more oil and generate jobs...too many people without employment that want jobs besides the number of unemployed who chose to because we work and feed them
esq262
Champion Author Asheville

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Message Posted: Apr 30, 2013 10:28:41 PM

Good news.
sickhp
Champion Author San Antonio

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Message Posted: Apr 30, 2013 10:13:01 PM

Awesome and drill baby drill in all of America.
TomT2Lee
Champion Author Cincinnati

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Message Posted: Apr 30, 2013 10:06:06 PM

An old game; keep raising the numbers even though there is typically no evidence for it.
The US uses roughly 20 million barrels a day, 3 billion divided by 20 million equals 150 days. So another half year supply. Wahoo...
A_NY_Outlaw
Champion Author Albany

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Message Posted: Apr 30, 2013 9:58:45 PM

Bring it on up to the surface!
Pramodsharma
Champion Author Richmond

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Message Posted: Apr 30, 2013 9:58:34 PM

Going up and up and UP!
andy1024
Champion Author Allentown

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Message Posted: Apr 30, 2013 9:52:02 PM

Good news.
ddor
Champion Author Michigan

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Message Posted: Apr 30, 2013 8:47:37 PM

Does that mean price will drop
orphancarguyPE
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Message Posted: Apr 30, 2013 8:37:27 PM

Ah yes, those 'reserves'. A small problem: there is all sorts of oil and natural gas in those formations, but the bonanza is NOT evenly distributed. If you look at production maps, its like looking at a picture of scattered oasis with water and palm trees in a Sahara. Its not at all like a buried Mediterrannean sea of oil.

Montana has been a disappointment even eastern Montana not far from the current height of activity in north western North Dakota. Oil and gas IS there, but not in extractable quantities that will make back the millions of dollars PER WELL that has to be spent. Google Montana results from Bakken drilling.

Heck, large parts of the US west is on this huge formation of Kerogen and that is (frequently and unfortunately) counted as a 'reserve'. Google kerogen and also the term ERoEI/EREI. What is Kerogen? A hydrocarbon material that might turn into actual oil or natural gas in another (or two or three) million years of heat and pressure. Now? It like coals' useless brother.

Unless the material is in quantity and quality high enough to support an extraction industry, its not really a useful reserve. Somewhere in the range of 95%+ of oil and gas bearing shale formations fit into this category--it is just never going to be exploited even if oil is $200 a barrel or higher, because it will use more energy to get it out than you can get back--ie, a negative ERoEI. Oil 100+ years ago had ERoEI of 100:1 and sometimes even better. Conventional oil worldwide has been discovered and is developed except for little puddles that really don't account for anything in the current scheme of oil use. All new oil--offshore, shale, tar sands--are all well below 10:1 and falling. Tar sands is little better than 3:1 but NOW that the infrastructure is in place after over 35 years of developing it, there is another 250 years of little better than 3:1 ERoEI oil there in one spot than can continue to be extracted. In a way, that is much more dependable in spite of its severe drawbacks than shale oil in the 8:1 down to 3:1 ERoEI, where right next door a few miles away from a rich pocket is a 100,000 acres that will never be developed.

So, forget these lovely sounding 'reserves' or at least cast a VERY skeptical eye and ear on these announcements.
heydano67
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Message Posted: Apr 30, 2013 8:35:10 PM

good news for the future
humblepie
Champion Author Toledo

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Message Posted: Apr 30, 2013 7:35:33 PM

great news for north dakota and america both
Infidels
All-Star Author Alberta

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Message Posted: Apr 30, 2013 7:22:02 PM

then extract it in an environmentally reasonable manner and bring down fuel costs
turboz2012
Champion Author Charleston

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Message Posted: Apr 30, 2013 6:52:20 PM

then way is gas so expensive and the middle east getting rich?
drpepperTX
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Message Posted: Apr 30, 2013 6:48:07 PM

Always good news!
drobbbb
Champion Author Maryland

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Message Posted: Apr 30, 2013 6:35:27 PM

hopefully it means less imported oil
ohrocker
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Message Posted: Apr 30, 2013 6:20:47 PM

This would be great for them and bring more jobs as well.
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