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Massive Oil Deposit Could Increase US reserves by 10x

Next Ener­gy News

Amer­i­ca is sit­ting on top of a super mas­sive 200 bil­lion bar­rel Oil Field that could poten­tial­ly make Amer­i­ca Ener­gy Inde­pen­dent and until now has large­ly gone unno­ticed. Thanks to new tech­nol­o­gy the Bakken For­ma­tion in North Dako­ta could boost America’s Oil reserves by an incred­i­ble 10 times, giv­ing west­ern economies the trump card against OPEC’s short squeeze on oil sup­ply and mak­ing Iran­ian and Venezue­lan threats of dis­rupt­ed sup­ply irrel­e­vant.

In the next 30 days the USGS (U.S. Geo­log­i­cal Sur­vey) will release a new report giv­ing an accu­rate resource assess­ment of the Bakken Oil For­ma­tion that cov­ers North Dako­ta and por­tions of South Dako­ta and Mon­tana. With new hor­i­zon­tal drilling tech­nol­o­gy it is believed that from 175 to 500 bil­lion bar­rels of recov­er­able oil are held in this 200,000 square mile reserve that was ini­tial­ly dis­cov­ered in 1951. The USGS did an ini­tial study back in 1999 that esti­mat­ed 400 bil­lion recov­er­able bar­rels were present but with prices bot­tom­ing out at $10 a bar­rel back then the report was dis­missed because of the high­er cost of hor­i­zon­tal drilling tech­niques that would be need­ed, esti­mat­ed at $20-$40 a bar­rel.

It was not until 2007, when EOG Resources of Texas start­ed a fren­zy when they drilled a sin­gle well in Par­shal N.D. that is expect­ed to yield 700,000 bar­rels of oil that real excite­ment and mon­ey start­ed to flow in North Dako­ta. Marathon Oil is invest­ing $1.5 bil­lion and drilling 300 new wells in what is expect­ed to be one of the great­est booms in Oil dis­cov­ery since Oil was dis­cov­ered in Sau­di Ara­bia in 1938.

The US import­ed about 14 mil­lion bar­rels of Oil per day in 2007 , which means US con­sumers sent about $340 Bil­lion Dol­lars over seas build­ing palaces in Dubai and prop­ping up unfriend­ly regimes around the World, if 200 bil­lion bar­rels of oil at $90 a bar­rel are recov­ered in the high plains the added wealth to the US econ­o­my would be $18 Tril­lion Dol­lars which would go a long way in sta­bi­liz­ing the US trade deficit and could cut the cost of oil in half in the long run.


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