Energy Insider: New ND Oil Formations
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| 11/27/2009 |
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| It`s an exciting time in North Dakota oil. Because there`s a formation - the Three-Forks - that rigs are just beginning to drill into. "They think it`s even larger than the Bakken," says Dr. Frank Moseley, Associate Professor of Energy Economics and Finance at Minot State University. And the Three-Forks could double the amount of oil North Dakota will produce in the upcoming decades. "There`s probably another 2-4 billion barrels recoverable from the Three-Forks," says Lynn Helms, North Dakota`s Director of Mineral Resources. At this point, though, getting an accurate estimate of how much oil is in the formation is difficult because of a lack of activity in the Three-Forks. "There`s been about 100 wells drilled into it," Dr. Mosely says, "which is nothing." "The Three-Forks is the new kid on the block," Helms says. Although the formation is just below the Bakken shale, initial data indicates it is indeed a separate formation. That`s a plus for North Dakota`s oil industry. "You`re draining two separate reserves," Dr. Moseley says. "You`re draining two separate structures. Your recovery`s going to be higher in terms of production." Beneath the Bakken and Three-Forks, a third oil patch, the thin Birdbear formation, could also lead to more oil activity near Bottineau. "There are places across the border in Canada where it produces up there," Helms says. More production means more incentive to invest the millions of dollars necessary to drill horizontal wells using fracturing technology. State officials say the rig count could increase by 40 drills in the near future, helping North Dakota`s economy continue to grow. "Each one of those supports 120 jobs," Helms says. "So you`re looking at close to 5000 jobs in the drilling phase." They say as long as the boom goes on, the state will not feel the effects of the national recession. |
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