Mar

29

Peak Oil…Meh

March 29, 2008 |

In the next 30 days the USGS (U.S. Geological Survey) will release a new report giving an accurate resource assessment of the Bakken Oil Formation that covers North Dakota and portions of South Dakota and Montana. With new horizontal drilling technology it is believed that from 175 to 500 billion barrels of recoverable oil are held in this 200,000 square mile reserve that was initially discovered in 1951. The USGS did an initial study back in 1999 that estimated 400 billion recoverable barrels were present but with prices bottoming out at $10 a barrel back then the report was dismissed because of the higher cost of horizontal drilling techniques that would be needed, estimated at $20-$40 a barrel. next energy news

My very old pals in Shaunavon Sask are sitting pretty because the Bakken forgot to stop at the Canada US border.


Comments

2 Comments so far

  1. KevinG on March 30, 2008 4:47 am

    Well, it certainly would provide a welcome change to geopolitics but I can’t help feeling we’re not getting the full picture.

  2. dcardno on March 30, 2008 6:10 am

    …sitting pretty because the Bakken forgot to stop at the Canada US border.

    Maybe in the long run (and we remember what Keynes said…) - but in the near term the policy of the Saskatchewan governments has been to at least discourage or outright prohibit oil and gas production. It is clear looking at a map of rig locations - although the WCSB extends into Sask, the rigs stop abruptly at 110° W at the Alta - Sask border.

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