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It is named after Henry O. Bakken (1901–1982), a farmer in Tioga, North Dakota, who owned the land where the formation was initially discovered while drilling for oil. [3] Besides the Bakken Formation being a widespread prolific source rock for oil when thermally mature, significant producible oil reserves exist within the rock unit itself. [4]
This has enabled Hess to drill a Bakken well for about $8.4 million as the effects of pad drilling start taking hold. While multi-well pad drilling can make production lumpy, the cost savings ...
Drilling soon defined the eastern edge of the field, a trap formed by eastern edge of the oil maturity window. Oil well drilling spread north, south, and west over a wide area, and soon extended Bakken oil production well beyond the boundaries of Parshall Field as defined by the North Dakota Industrial Commission. Bakken and Three Forks oil ...
Bakken Oil Field: United States, North Dakota: 1951 7.3 [38] Yates Oil Field: United States, Texas: 1926 1926 1929 3.0 (2.0 billion recovered; 1.0 reserve remaining) [39] [40] Kuparuk oil field: United States, Alaska: 1969 6 Alpine, Alaska: United States, Alaska: 1994 2000 2005 0.4–1 0.05 East Texas Oil Field: United States, Texas: 1930 6 ...
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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.
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Oil production out of North Dakota's Bakken Shale continues to surge higher. The play is now expected to hit daily oil production of more than a million barrels of oil sometime early next year.