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Night view of H&P drilling the Bakken. The North Dakota oil boom was the period of rapidly expanding oil extraction from the Bakken Formation in the state of North Dakota that lasted from the discovery of the Parshall Oil Field in 2006, and peaked in 2012, [1] [2] but with substantially less growth noted since 2015 due to a global decline in oil prices.
Porosities in the Bakken averages about 5%, and permeabilities are very low, averaging 0.04 millidarcys—much lower than typical oil reservoirs, in today's terms an unconventional light tight oil play. [19]
For instance, Continental Resources, the play's leading producer, boosted its production and reserves last year by 58% and 54%, respectively, while Kodiak Oil & Gas, another major Bakken driller ...
By the end of 2010, Bakken oil production rates had reached 458,000 barrels (72,800 m 3) per day, thereby outstripping the pipeline capacity to ship oil out of the Bakken. [131] [130] By January 2011 Bloomberg News reported that Bakken crude oil producers were using railway cars to ship oil. [130] In 2013, there were new rail shipments of WCS ...
The market is being too pessimistic over oil companies with assets in the Bakken oil field. Skip to main content. 24/7 Help. For premium support please call: 800-290 ...
Finally, the rate of return, by shaving a million dollars off of well costs, improves from 50% to 60% at current oil prices, which really adds up. The Bakken can still produce solid returns even ...
Elm Coulee Oil Field was discovered in the Williston Basin in Richland County, eastern Montana, in 2000. It produces oil from the Bakken formation and, as of 2007, was the "highest-producing onshore field found in the lower 48 states in the past 56 years." [2] By 2007, the field had become one of the 20 largest oil fields in the United States ...
EOG Resources (NYS: EOG) is the largest oil producer in North Dakota, with more than 49,000 barrels of oil equivalent per day as of the end of 2010. With 600,000 net acres in the Bakken shale, EOG ...