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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]
Production peaked in 1986, but in the early 2000s significant increases in production began because of application of horizontal drilling techniques, especially in the Bakken Formation. [8] Cumulative basin production totals about 3.8 billion barrels (600,000,000 m 3) of oil [9] and 470 billion cubic feet (1.3 × 10 10 m 3) of natural gas. [10]
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 ...
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EOG drilled the discovery well, the horizontal Parshall #1-36H, in 2006, located next to a dry hole drilled in 1981. Like wells in Elm Coulee, the Parshall well was drilled horizontally in the middle member of the Bakken. Oil flowed to the surface during drilling, even before hydraulic fracturing. [7]
Oil production coming out of the Bakken was closing in on 800,000 barrels of oil per day as of this past March. This has some speculating that the play's production might be able to top more than ...
The Bakken shale is arguably the most famous unconventional oil play in North America. Ever since new drilling technologies unlocked the play's potential, companies from all around the world have ...
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