Oil & gas news

Bakken field production reaches 1 billion bbl mark

Citing data from IHS, Continental Resources Inc. reported that Bakken field has surpassed 1 billion bbl of cumulative light, sweet crude oil production during this year’s first quarter.
Two thirds of the total was produced in the last 3 years, Continental said.
The Oklahoma City independent remains the Bakken’s top operator, with more than 1.2 million acres, the largest remaining reserves, and the most advanced delineation program in the deeper Three Forks benches (OGJ Online, Apr. 2, 2014).
In 2013, Continental estimated 32 billion bbl of oil to be recoverable from Bakken at a 3.5% recovery factor, 36 billion bbl at 4%, and 45 billion bbl at 5%. The US Geological Survey said a mean of 8 billion bbl of oil and natural gas liquids remains to be discovered (OGJ, May 20, 2013, p. 19).

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