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

EIA: Harsh winter affected US heating expenditures, oil production

Mar 11, 2014

Worldwide liquids fuels consumption will increased by 1.2 million b/d this year and by 1.4 million b/d in 2015, according to the latest outlook from the US Energy Information Administration. In last month’s Short-Term Energy Outlook (STEO), EIA projected that global oil demand would climb by 1.3 million b/d in 2014 and 1.4 million b/d in 2015.

Enbridge receives NEB approval for Line 9B reversal

Mar 7, 2014

Enbridge Pipelines Inc. received permission from Canada’s National Energy Board to proceed with its Line 9B Reversal and Line 9 Capacity Expansion project. NEB approved the project with conditions, allowing Enbridge to operate all of Line 9 in an eastward direction, moving crude from western Canada and the US Bakken shale to refineries in Ontario and Quebec.

Lagging pipelines create US gulf light sweet crude glut

Mar 3, 2014

North American pipeline capacity did not adapt quickly enough to rapidly growing crude oil production, resulting in supply bottlenecks. Now that a build-out is under way, a glut of light sweet crude will likely emerge on the US Gulf Coast.

DOT emergency order covers Bakken crude transportation by rail

Feb 26, 2014

The US Department of Transportation issued an emergency order requiring shippers to test Bakken crude oil to ensure it is properly classified before being transported by rail. The Feb. 25 order also prohibits transportation of crude in the lowest-strength packing group.

ExxonMobil replaces 103% of 2013 production

Feb 21, 2014

ExxonMobil Corp. replaced 103% of its oil and natural gas production last year with additions to reserves, mostly of crude oil and other liquids.

BAKKEN Briefs

Feb 1, 2014

Rail a key transportaion link for Bakken crude

Feb 1, 2014

As production in the Bakken tight oil play ramps up at an unprecedented pace, producers are increasingly relying on railroads to bypass overwhelmed pipelines and move crude to market.

ConocoPhillips reports higher 2013 earnings, expects higher production in 2014

Jan 31, 2014

ConocoPhillips reported full-year earnings of $9.2 billion in 2013, an increase from the $8.4 billion totaled in 2012, which included $1.2 billion from downstream operations before the separation of Phillips 66 on Apr. 30.

WBI launches Dakota natural gas pipeline open season

Jan 30, 2014

WBI Energy Inc., a subsidiary of MDU Resources Group Inc., has launched an open season for its planned 375-mile Dakota natural gas pipeline running from western North Dakota to northwestern Minnesota.

Hess reports $5.8 billion capital budget for 2014

Jan 24, 2014

Hess Corp. reported that its exploration and production capital budget for 2014 is expected to reach $5.8 billion, almost have of which, $2.85 billion, will be spent on unconventional shale resources.

No injuries after collision ignites North Dakota oil train fire

Jan 13, 2014

A BNSF Rail Co. train carrying crude oil caught fire Dec. 30 after it struck a derailed train carrying agricultural products west of Fargo, ND. Residents of the nearby town of Casselton returned to their homes Jan. 1 after a voluntary evacuation order was lifted. No injuries were reported.

Wyden, Rockefeller request crude oil transportation examination

Jan 10, 2014

The chairman of two US Senate committees asked US Sec. of Energy Ernest G. Moniz and US Sec. of Transportation Anthony Foxx to fully examine crude oil transportation in the wake of several recent rail accidents.

EIA: Significant events affected oil markets in 2013

Jan 9, 2014

The US Energy Information Administration listed significant events affecting oil markets in 2013.

EIA: Global oil demand to rise 1.2 million b/d in 2014

Jan 8, 2014

Global liquid fuels consumption is forecast to increase by 1.2 million b/d in 2014 and by another 1.4 million b/d in 2015, according to the US Energy Information Administration’s Short-Term Energy Outlook (STEO), released this month.

Murkowski: Ban on US crude oil exports should end soon

Jan 8, 2014

Prohibition of US crude oil and condensate exports is an outmoded policy that should end soon as a first step in an overall energy export reassessment and reforms, US Sen. Lisa Murkowski (R-Alas.) declared.

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