The Bakken oil formation, which stretches across North Dakota, Montana and southeastern Saskatchewan, is suddenly drawing worldwide attention.
On Thursday, April 10, the U.S. Geological Survey (USGS) published an official study on the massive Bakken reserve.
Among the agency's findings:
* Up to 4.3 billion barrels of oil could be recovered from the Bakken shale formation -- a 25-fold increase compared to its initial assessment in 1995.
* The Bakken is the largest "continuous" oil accumulation ever assessed by the USGS.
This comes after a 2006 report by the Energy Information Administration (EIA), which stated, "A study provides estimates ranging up to 503 billion barrels of potential resources in place."
Looks like peak oil will have to wait a while, Brazil now say they have discovered a new field off of the Brazilian coast said to contain 30+ billion barrels. More here and here.
Tuesday, April 15, 2008
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