Bakken Shale

Bakken Shale ImageThe Bakken shale is primarily an oil play. It straddles the US border with Canada and runs through two states – North Dakota and Montana – and two Canadian provinces – Saskatchewan and Manitoba. The US Geological Survey estimates there are 3.65 billion barrels of recoverable crude oil in the Bakken, which would make it the largest oil field in the US outside Alaska. The Bakken is located in the Williston Basin, but not all of the basin includes the Bakken.

The Sanish-Three Forks area is located below the Bakken shale zone and is potentially another new oil reservoir. Brigham Exploration Co. has been active in this area. Natural gas is also found in some parts of the Bakken. The USGS estimates there is about 2.0 trillion cubic feet of gas and another 150 million barrels of natural gas liquids. Major players in the Bakken include EOG Resources, Continental Resources, and Enerplus Resources.

Bakken Shale Map

Bakken Shale News

Train carrying crude derails, catches fire in Virginia

Apr 30, 2014

A train carrying crude oil derailed Apr. 30 in Lynchburg, Va., setting 3 cars on fire, CSX Transportation announced. The fire was quickly extinguished and no injuries were reported, although some businesses and residents nearby were evacuated, it said.

PwC: US M&A activity reaches highest 1Q volume in more than a decade

Apr 30, 2014

The US oil and gas industry recorded its highest volume of first quarter mergers and acquisitions (M&A) in more than a decade, PwC US Energy Practice said in an Apr. 30 report on transactions with value greater than $50 million. The movement was a result of rising upstream activities and increased interest from foreign entities.

Whiting reshuffles management following key retirement

Apr 30, 2014

Denver independent Whiting Petroleum Corp. reported that James T. Brown, president and chief operating officer since 2011, will retire. James J. Volker, chairman and chief executive officer, will assume the additional position of president.

Bakken field production reaches 1 billion bbl mark

Apr 28, 2014

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.

BAKKEN Briefs

Apr 16, 2014

EIA: BAKKEN RIGS PRODUCING 50% MORE OIL IN FIRST MONTH ONLINE

Apr 16, 2014

Operational efficiency is improving across the Bakken-Three Forks tight oil play. US Energy Information Administration

Bakken leader Continental Resources drills deeper into Three Forks formation

Apr 16, 2014

The Bakken-Three Forks tight oil formation is already one of the top producing oil plays in the US, but leading operator Continental Resources Inc. believes there may be even more oil in place than previously thought in deeper benches of the Three Forks formation.

ConocoPhillips raises estimates on Eagle Ford recoverable resources, production

Apr 11, 2014

ConocoPhillips has increased its estimated resource base in the Eagle Ford play to 2.5 billion bbl of oil in place from 1.8 billion bbl, as well as its estimated production from current volumes to more than 250,000 boe/d by 2017.

WoodMac: Bakken capex to top $15 billion in 2014

Apr 7, 2014

Oil and gas industry analyst Wood Mackenzie Ltd. forecasts that operators in the Bakken shale will invest more than $15 billion on drilling and completions in 2014, second only to the Eagle Ford in the US Lower 48 states.

WoodMac: Bakken drilling, completion capex to top $15 billion in 2014

Apr 2, 2014

Oil and gas industry analyst Wood Mackenzie Ltd. forecasts that operators in the Bakken shale will invest more than $15 billion on drilling and completions in 2014, second only to the Eagle Ford in the US Lower 48 states.

EIA: Tight oil production pushes US supply to more than 10% of world’s total

Mar 26, 2014

US tight oil production averaged 3.22 million b/d in the fourth quarter of 2013, pushing overall US crude oil production to more than 10% of the world’s total production, up from 9% in fourth-quarter 2012, according to the US Energy Information Administration.

WoodMac: US tight-oil market ‘too robust to bust’

Mar 25, 2014

A drop in global oil price levels or a significant widening of the differential between global oil prices and inland realizations are just two of the ways the North American tight-oil boom could go bust, according to a recent analysis from Wood Mackenzie.

Second small diesel refinery planned for North Dakota

Mar 21, 2014

Quantum Energy Inc. (QEI), Tempe, Ariz., said it has secured land for the construction of a 20,000-b/d grassroots hydroskimming refinery in North Dakota’s Williston basin Bakken shale region.

Hiland looks to expand Bakken crude pipeline

Mar 18, 2014

Hiland Crude LLC has launched an open season to solicit shipper interest for crude oil transportation on an expanded version of its Double H Pipeline, currently under construction in the Bakken shale. An initial open season in 2012 filled its 50,000 b/d base capacity.

New York county puts freeze on Bakken crude

Mar 12, 2014

Government officials in Albany County, NY, have issued a moratorium on Global Partners LP’s plans to increase the processing of Bakken crude oil at the Port of Albany pending a public health investigation by the county’s health department.

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