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but the dems said the dip stick says empty

jodywy

Well-known member
http://www.usgs.gov/newsroom/article.asp?ID=1911
Reston, VA - North Dakota and Montana have an estimated 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil in an area known as the Bakken Formation.

A U.S. Geological Survey assessment, released April 10, shows a 25-fold increase in the amount of oil that can be recovered compared to the agency's 1995 estimate of 151 million barrels of oil.

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3 to 4.3 Billion Barrels of Oil in North Dakota and Montana

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Technically recoverable oil resources are those producible using currently available technology and industry practices. USGS is the only provider of publicly available estimates of undiscovered technically recoverable oil and gas resources.

New geologic models applied to the Bakken Formation, advances in drilling and production technologies, and recent oil discoveries have resulted in these substantially larger technically recoverable oil volumes. About 105 million barrels of oil were produced from the Bakken Formation by the end of 2007.

The USGS Bakken study was undertaken as part of a nationwide project assessing domestic petroleum basins using standardized methodology and protocol as required by the Energy Policy and Conservation Act of 2000.

The Bakken Formation estimate is larger than all other current USGS oil assessments of the lower 48 states and is the largest "continuous" oil accumulation ever assessed by the USGS. A "continuous" oil accumulation means that the oil resource is dispersed throughout a geologic formation rather than existing as discrete, localized occurrences. The next largest "continuous" oil accumulation in the U.S. is in the Austin Chalk of Texas and Louisiana, with an undiscovered estimate of 1.0 billions of barrels of technically recoverable oil.

"It is clear that the Bakken formation contains a significant amount of oil - the question is how much of that oil is recoverable using today's technology?" said Senator Byron Dorgan, of North Dakota. "To get an answer to this important question, I requested that the U.S. Geological Survey complete this study, which will provide an up-to-date estimate on the amount of technically recoverable oil resources in the Bakken Shale formation."

The USGS estimate of 3.0 to 4.3 billion barrels of technically recoverable oil has a mean value of 3.65 billion barrels. Scientists conducted detailed studies in stratigraphy and structural geology and the modeling of petroleum geochemistry. They also combined their findings with historical exploration and production analyses to determine the undiscovered, technically recoverable oil estimates.

USGS worked with the North Dakota Geological Survey, a number of petroleum industry companies and independents, universities and other experts to develop a geological understanding of the Bakken Formation. These groups provided critical information and feedback on geological and engineering concepts important to building the geologic and production models used in the assessment.

Five continuous assessment units (AU) were identified and assessed in the Bakken Formation of North Dakota and Montana - the Elm Coulee-Billings Nose AU, the Central Basin-Poplar Dome AU, the Nesson-Little Knife Structural AU, the Eastern Expulsion Threshold AU, and the Northwest Expulsion Threshold AU.

At the time of the assessment, a limited number of wells have produced oil from three of the assessments units in Central Basin-Poplar Dome, Eastern Expulsion Threshold, and Northwest Expulsion Threshold.
The Elm Coulee oil field in Montana, discovered in 2000, has produced about 65 million barrels of the 105 million barrels of oil recovered from the Bakken Formation.

Results of the assessment can be found at http://energy.usgs.gov.

For a podcast interview with scientists about the Bakken Formation, listen to episode 38 of CoreCast at http://www.usgs.gov/corecast/.
 

Steve

Well-known member
Oil reserves are the estimated quantities of crude oil that are claimed to be recoverable under existing economic and operating conditions

reserves are those reserves claimed to have a reasonable certainty (normally at least 90% confidence) of being recoverable under existing economic and political conditions, and using existing technology,

Proved reserves are the only type the U.S. Securities and Exchange Commission allows oil companies to report.

Calculating reserves is a highly technical matter. When a reservoir is discovered, a variety of technical information (geological, geophysical, engineering, etc.) are gathered and the volumetric oil or gas in-place is calculated, which represents the maximum volume of oil or gas in the reservoir that may be produced (recovered). Then, by applying an economically feasible production method to that particular reservoir, the proven reserves are calculated. the proven reserves are calculated. Primary recovery method typically produces 10%

Enhanced recovery methods may boost that to even higher, as much as 50% or 60%. Such enhanced recovery technologies are already readily available, leaving economics more a deciding factor in most cases.

Experience shows that initial estimates of the size of newly discovered oil fields are usually too low. As years pass, successive estimates of the ultimate recovery of fields tend to increase.

A 2008 United States Geological Survey estimates that areas north of the Arctic Circle have 90 billion barrels of undiscovered, technically recoverable oil (and 44 billion barrels of natural gas liquids ) in 25 geologically defined areas thought to have potential for petroleum. This represents 13% of the oil in the world.

and it isn't even counted.. why because we can't drill so we can't "recover" so it is not a reserve.. as the Dems tell you we have 3% of the worlds oil remember this.. only the 10% of what we can "recover" is counted in the reserve. (not the 60% recoverable with enhanced methods) and if we can't recover it it is not counted.. even if only a law is stopping a company from getting to it..

I say allow drilling and give "new" oil companies access to the "new" lease areas, and if an old lease is held more then ten years without production.. resell the lease!

Now before you get upset at the dems using a technicality to claim we only have 3% of the worlds oil.. and Muslims have more..
There are doubts about the reliability of official OPEC reserves estimates, which are not provided with any form of audit or verification that meet external reporting standards.

so we may have a larger share.. then a paltry 3% as OPEC might be over-estemating thier reserves while we are severly underestimating our reserves.

if we wait another ten years.. we can claim it will take ten years to get at the oil. and continue to not count it as a reserve..
 
A

Anonymous

Guest
I know of nothing stopping the drilling in Montana or North Dakota- except for the fact the Oil Companies don't have the drilling rigs available....
 

Vision

Well-known member
Oldtimer said:
I know of nothing stopping the drilling in Montana or North Dakota- except for the fact the Oil Companies don't have the drilling rigs available....

You know of nothing.... you got that part right. I wrote an article about all the steps it takes to actually get to the point where a company can get oil out of the ground for us to use.

Read it and learn. It is linked on my main page under "words of wisdom"
 
A

Anonymous

Guest
Vision said:
Oldtimer said:
I know of nothing stopping the drilling in Montana or North Dakota- except for the fact the Oil Companies don't have the drilling rigs available....

You know of nothing.... you got that part right. I wrote an article about all the steps it takes to actually get to the point where a company can get oil out of the ground for us to use.

Read it and learn. It is linked on my main page under "words of wisdom"

OK- Dittmer you know best :roll: ...I only live in the Bakken field-have land leased by the oil companies- have several relatives, neighbors, and friends working in the fields in several differing jobs, both management and laborers- and have only personally seen the sites marked- all over the place-waiting for a rig...
They don't have any- or they could be drilling 100's more holes right now......
Your oil buddies paid it all out in dividends and taking profits rather than putting it into the ability to increase production...Now they don't have enough to meet the demand....
 

Vision

Well-known member
Oldtimer said:
Vision said:
Oldtimer said:
I know of nothing stopping the drilling in Montana or North Dakota- except for the fact the Oil Companies don't have the drilling rigs available....

You know of nothing.... you got that part right. I wrote an article about all the steps it takes to actually get to the point where a company can get oil out of the ground for us to use.

Read it and learn. It is linked on my main page under "words of wisdom"

OK- Dittmer you know best :roll: ...I only live in the Bakken field-have land leased by the oil companies- have several relatives, neighbors, and friends working in the fields in several differing jobs, both management and laborers- and have only personally seen the sites marked- all over the place-waiting for a rig...
They don't have any- or they could be drilling 100's more holes right now......
Your oil buddies paid it all out in dividends and taking profits rather than putting it into the ability to increase production...Now they don't have enough to meet the demand....

The problem you have OT - is that you have a long track record on here of not telling the truth. You could live in Exxon USA and you still would be wrong .

And I know best not because I claim it so, but rather I have spent a great deal of time studying the issue. I am well prepared, if you wish to attempt to take me on fact per fact, argument per argument, consider this your personal invitation to try.
 
A

Anonymous

Guest
Vision said:
Oldtimer said:
Vision said:
You know of nothing.... you got that part right. I wrote an article about all the steps it takes to actually get to the point where a company can get oil out of the ground for us to use.

Read it and learn. It is linked on my main page under "words of wisdom"

OK- Dittmer you know best :roll: ...I only live in the Bakken field-have land leased by the oil companies- have several relatives, neighbors, and friends working in the fields in several differing jobs, both management and laborers- and have only personally seen the sites marked- all over the place-waiting for a rig...
They don't have any- or they could be drilling 100's more holes right now......
Your oil buddies paid it all out in dividends and taking profits rather than putting it into the ability to increase production...Now they don't have enough to meet the demand....

The problem you have OT - is that you have a long track record on here of not telling the truth. You could live in Exxon USA and you still would be wrong .

And I know best not because I claim it so, but rather I have spent a great deal of time studying the issue. I am well prepared, if you wish to attempt to take me on fact per fact, argument per argument, consider this your personal invitation to try.

Well son- booklearning isn't everything...If 2 or 3 of you Dittmers want to take time off your making money off the McCain campaign- I will show you around- and what is really happening...Not what the oil folks want you to believe...I can't handle much more than that- but just e-mail me if you're interested.....
 

Mike

Well-known member
This is what we call "Crawfishing" down south.

Ever notice which way a crawfish travels in water? :lol: :lol: :lol:
 

TexasBred

Well-known member
Actually OT is at least partially correct. We're in the middle of a huge new gas field yet drilling is progressing slowly due to the shortage of drilling rigs. North Dakota has a booming new oil field but it limited due to the shortage of drilling rigs. New rigs are being built but are extremely expensive and not built overnight. BUT, a quick study of oil prices in the US as well as the US energy policy will reflect the cause of the shortage of drilling rigs. Course it will also reflect the shortage in overall refining capacity as well.
 

kolanuraven

Well-known member
How did all EVER get along here without this ' Vision' person????


I mean this person knows all about the oil industry....politics at every angle!!!


WOW!! I guess we should be honored that this poster is here now to lead us all down the right path. :roll: :roll: :roll: :roll: :roll:
 

jodywy

Well-known member
http://biz.yahoo.com/ap/080829/rig_count.html?.v=2




AP
US oil and gas rig count up by 33
Friday August 29, 2:34 pm ET
Number of active oil and gas rigs in US grows by 33


HOUSTON (AP) -- The number of rigs actively exploring for oil and natural gas in the United States rose by 33 this week to 2,031.
Of the rigs running nationwide, 1,606 were exploring for natural gas and 416 for oil, Houston-based Baker Hughes Inc. reported Friday. Nine were listed as miscellaneous.

A year ago, the rig count stood at 1,829.

Of the major oil- and gas-producing states, Texas gained 27 rigs, New Mexico 14, Oklahoma three and Wyoming two. Louisiana lost 11 rigs and Colorado lost one. Alaska, North Dakota, California, Arkansas and Alaska were unchanged.

Baker Hughes has tracked rig counts since 1944. The tally peaked at 4,530 in 1981, during the height of the oil boom. The industry posted several record lows in 1999, bottoming out at 488.

its a month old, but alot of rig got stavked after the 80s oil boom, and most were too bad of shape to rerig for the boom we had the last few years.

more data here , updated ever 20 min...

http://investor.shareholder.com/bhi/
 
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Anonymous

Guest
TexasBred said:
Actually OT is at least partially correct. We're in the middle of a huge new gas field yet drilling is progressing slowly due to the shortage of drilling rigs. North Dakota has a booming new oil field but it limited due to the shortage of drilling rigs. New rigs are being built but are extremely expensive and not built overnight. BUT, a quick study of oil prices in the US as well as the US energy policy will reflect the cause of the shortage of drilling rigs. Course it will also reflect the shortage in overall refining capacity as well.

Thank you Texasbred- also with the Bakken field much of the drilling has to be done with the newer angle rigs- and they have to use fracturing to produce the oil...
Also in many of these areas its quite a distance to electricity- my former partner works as a lineman- and he says they have at least 7 years worth of work lined up already just running in power lines to rig sites....
 
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