• 4 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 7 minutes Oil prices forecast
  • 11 minutes Algorithms Taking Over Oil Fields
  • 14 mintues NIGERIAN CRUDE OIL
  • 4 hours UK, Stay in EU, Says Tusk
  • 2 hours Socialists want to exorcise the O&G demon by 2030
  • 2 hours Nuclear Power Can Be Green – But At A Price
  • 14 hours Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 2 hours Chevron to Boost Spend on Quick-Return Projects
  • 22 mins U.S. Treasury Secretary Mnuchin Weighs Lifting Tariffs On China
  • 2 hours Maritime Act of 2020 and pending carbon tax effects
  • 11 hours Venezuela continues to sink in misery
  • 5 hours What will Saudi Arabia say? Booming Qatar-Turkey Trade To Hit $2 bn For 2018
  • 24 hours How Is Greenland Dealing With Climate Change?
  • 1 day WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 5 hours German Carmakers Warning: Hard Brexit Would Be "Fatal"
  • 1 day Trump inclined to declare national emergency if talks continue to stall - Twitter hides this as "sensitive material"
  • 2 hours Conspiracy - Theory versus Reality
Oil’s Traffic Light Turns Yellow

Oil’s Traffic Light Turns Yellow

Oil prices started to stabilize…

US Geological Survey To Reevaluate Bakken Oil Reserves

Bakken rig

Federal geologists will lead a push to reevaluate the total amount of recoverable oil near North Dakota’s Bakken formation, according to the state’s Senator John Hoeven.

Hoeven requested the new analysis from the U.S. Geological Survey in an attempt to attract new investors to the shale play. The survey will now include 17 other formations in the state that could be commercially exploited using newly developed extraction technology.

USGS deputy director William Werkheiser said the federal agency would work with "appropriate state and local officials and technical experts to ensure we develop the best possible product in a timely manner."

Crude oil production in the Bakken shale in North Dakota has been experiencing some major challenges lately, but it is firmly on the growth path, said the state’s Department of Mineral Resources Director Lynn Helms in an interview for S&P Global Platts last month.

Helms identified as the biggest challenges a) growing production in the Permian and b) a hypothetical end to the OPEC production cut agreement. While the first challenge is very real, the latter challenge is more likely than not to remain hypothetical for the foreseeable future. E&Ps in the Bakken will continue to pump more than 1 million bpd but less than 1.1 million bpd until the end of the year and into 2018.

"We should see oil production in a growth mode, 10-15,000 b/d month on month is where we expect to be," Helms said, adding that the North Dakota shale industry would need West Texas Intermediate at $60 a barrel to start expanding production beyond the 1.1-million-bpd mark. At the time of this article’s writing, WTI traded at $58.01 a barrel.

Still, competition from the Permian with its lower production costs in the sweetest spots is hampering this production growth in North Dakota.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News