WorldWide Drilling Resource

39 WorldWide Drilling Resource ® AUGUST 2013 Latest Estimates for the Williston Basin are Better than Expected Adapted from Information by the U.S. Department of the Interior The United States Geological Survey (USGS) released an updated oil and gas resource assessment for the Bakken Formation and a new assessment for the Three Forks Formation, both of which are located in the promising Williston Basin in NorthDakota, SouthDakota, andMontana. The assessments determined the formations contain an estimated 7.4 bil- lion barrels of undiscovered, technically recoverable oil, twice as much as what was anticipated. The last assessment, done in 2008, estimated the formation only contained 3.65 billion barrels of undiscovered oil, and the Three Forks Formation was not included. Since the 2008 assessment, more than 4000 wells have been drilled in the Williston Basin, providing updated subsurface geologic data. Very little data existed on the Three Forks Formation, and it was generally thought to be unproduc- tive; however, new drilling resulted in a new understanding of the reservoir and its potential. “These world-class formations con- tain even more energy resource potential than previously understood, which is im- portant information as we continue to reduce our nation’s dependence on for- eign sources of oil,” said Secretary of the Interior Sally Jewell. “We must develop our domestic energy resources armed with the best available science, and this unbiased, objective information will help private, nonprofit, and government deci- sion makers at all levels make informed decisions about the responsible devel- opment of these resources.” The USGS embarked on the latest assessment of the formations as part of a nationwide project to assess U.S. petro- leum basins using standardized method- ology and protocol. Acting Director of the USGS Suzette Kimball said, “Through this improved understanding of our energy resources, government, industry, and citi- zens are better able to understand our ...Ed, you have got to be one of the nicest guys I know. You are definitely an asset to the Energy Exposition! Austin F. Jennings III Marketing Director/Coordinator Energy Exposition domestic energy mix and make wiser decisions for the future.” In addition to oil, these formations are estimated to contain 6.7 trillion cubic feet of undiscovered, technically recoverable natural gas and 0.53 billion barrels of natural gas liquids. These estimates rep- resent a nearly threefold increase in nat- ural gas and natural gas liquids resources from the 2008 assessment. Approximately 450 million barrels of oil have been produced from the Bakken and Three Forks Formations since the 2008 assessment.