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tkozy - > There is a Chance -> Massive Oil Deposit Could Increase US reserves by 10x
Massive Oil Deposit Could Increase US reserves by 10x
 
Massive Oil Deposit Could Increase US reserves by 10x
Feb,13 2008
 

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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posted by tkozy on Saturday, February 23, 2008 at 07:44 AM
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posted by tkozy on Feb 23, 2008 at 08:00 AM

 

According to a recent study, the petroleum industry in North Dakota needs to hire nearly 12,000 new employees by 2010 to keep pace with the industry’s rapid growth and to replace workers scheduled to retire over the next few years.  The industry expects to need an additional 3,300 new workers in 2007 alone to keep up with growth, replacements, and retirements.  Industry leaders say this is good news for people looking for a job or a higher paying job in North Dakota. According to Job Service, the average yearly wage in the oil and gas industry in 2005 was $60,330.  Jobs in demand include everything from equipment operators and truck drivers, to engineers and geologists.  For more information on the need for workers, see the oil industry jobs section on this web site.


  The Bakken Formation in North Dakota is attracting attention as one of the most exciting oil plays across the United States.  The Bakken Formation has the potential to vastly increase North Dakota’s oil production with its enormous reserves.  To find out more about the North Dakota Bakken Formation, read the Oil and Gas Tidbits Issue II, and see a map of the Bakken Formation by looking under the “News” section on this web site.
posted by tkozy on Feb 23, 2008 at 08:03 AM

 

 

The overall industry success rate for new

wells in North Dakota for 2006 was 98%.

From:

TAX REVENUES HIGH IN 2006

 

North Dakota was 15,220 feet. The average

depth for a North Dakota well in 2006 was

13,621 feet compared to 5,782 feet nationwide.

The longest horizontal well drilled last

year in North Dakota was 20,362 feet.

The deepest vertical well drilled last year in

 

North Dakota was approximately $4.1 million

during 2006

The average cost of completing a

well in the U.S. in 2005 was nearly $3.1 million

The average cost of completing an oil well in.

 

 

 

 Approximately 308 wells were completed during the

year. There were 348 drilling permits issued during

2006, the same number as last year. 

 

 Horizontal, or directional, drilling accounted for 76% of the new wells drilled in 2006 and accounted for 63% of the state’s total oil production.

The success ratio for new wells in existing fields in 2006 was 99% and for wildcat wells it was 94%. A wildcat well is a new well drilled at least one mile from existing production.

The overall industry success rate for new

wells in North Dakota for 2006 was 98%.

posted by tkozy on Feb 23, 2008 at 08:46 AM

 Horizontal, or directional, drilling accounted for 76% of the new wells drilled in 2006 and accounted for 63% of the state’s total oil production.

 

The success ratio for new wells in existing fields in 2006 was 99% and for wildcat wells it was 94%. A wildcat well is a new well drilled at least one mile from existing production.

posted by NancyII on Feb 23, 2008 at 09:01 AM

Wildcatter:

Function: noun
Pronunciation: -"ka-t&r
1 : one that drills wells in the hope of finding oil in territory not known to be an oil field

I'd never heard your definition before Tk.  Just clarifying....is it a new one?  I'm an old oilfield brat.  (easy on the "old")

http://www.google.com/searc...

posted by tkozy on Feb 23, 2008 at 09:15 AM

Nancy,

Old money oil folks got to get used to us New money N.D. folks. U'ses are old hat now.  <:)

That info comes from:

http://www.ndoil.org/images...

Also:

An oil well is a term for any perforation through the Earth's surface designed to find and release both petroleum oil and gas hydrocarbons.

Wildcat oil wells drill in new areas, where oil has not been found before.

http://wildcatoil.com/

 

 

posted by drilnliftcrude on Feb 23, 2008 at 09:47 AM

Those had better be good paying oil jobs.  7 months of the year, the average low temperature is below freezing and the average high is less than 60 degrees.  And how long a drive is it to the beach or the mountains?

posted by NancyII on Feb 23, 2008 at 09:51 AM

"Wildcat oil wells drill in new areas, where oil has not been found before."

yup..that's what I said.  And what John Wayne said.  And what James Dean said.

posted by NancyII on Feb 23, 2008 at 09:53 AM

My ex went up to Wyoming once to check on a job for his boss and came back saying he'd never been so cold in his life.  LOL.    N. Dakota isn't any warmer.

posted by tkozy on Feb 23, 2008 at 09:54 AM

 

Drill,

Unemployment in North Dakota in the dead of winter is 3%,

OIL PATCH EMPLOYMENT

 The state averaged more than 5,700 North

Dakotans at work in the oil patch in fiscal

year 2004-2005. Peak oil field employment

occurred in late 1981, when more than

10,000 people were working in the oil patch.

 Each drilling rig results in approximately 120

direct and indirect jobs.

 Other sectors of the petroleum industry

include refineries, gas plants, pipelines, retail

gasoline stations, wholesalers, and transporters.

The industry altogether employed

approximately 12,900 people in North Dakota

in 2006.

 Job Service North Dakota reports that in

2005 the average yearly wage in the oil and

gas extraction industry was $60,330. That

wage is 101% above the statewide average

wage of $29,955!


 

TK continues:


 

By Lear Jet. Hawaii is about 6 hours. <:)


 

Brand new homes sell for 140 grand. Cost of living otherwise is about the same as Bakersfield.

posted by tkozy on Feb 23, 2008 at 09:59 AM

Drill,According to a recent study, the petroleum industry in North Dakota needs to hire nearly 12,000 new employees by 2010 to keep pace with the industry’s rapid growth and to replace workers scheduled to retire over the next few years.  The industry expects to need an additional 3,300 new workers in 2007 alone to keep up with growth, replacements, and retirements.  Industry leaders say this is good news for people looking for a job or a higher paying job in North Dakota. According to Job Service, the average yearly wage in the oil and gas industry in 2005 was $60,330.  Jobs in demand include everything from equipment operators and truck drivers, to engineers and geologists.  For more information on the need for workers, see the oil industry jobs section on this web site.


  The Bakken Formation in North Dakota is attracting attention as one of the most exciting oil plays across the United States.  The Bakken Formation has the potential to vastly increase North Dakota’s oil production with its enormous reserves.  To find out more about the North Dakota Bakken Formation, read the Oil and Gas Tidbits Issue II, and see a map of the Bakken Formation by looking under the “News” section on this web site.

 

posted by tkozy on Feb 23, 2008 at 10:00 AM

 

Nancy and Drill,

It's colder in ANWAR. <:)

And North Dakota has more oil. Wages will be good.

posted by NancyII on Feb 23, 2008 at 10:04 AM

Either place is too cold for me.  I'm sure they wrap the rigs and heat them just like they do in Alaska.  When the money is good..they will come.

Days of the big fast money in the patch around here are about gone.  New frontiers open, and the work goes on.

posted by tkozy on Feb 23, 2008 at 10:55 AM

 

Only truly cold months are Dec., Jan and Feb. And the weather is mitigated in part because there is no thaw during that time. So you stay dry which keeps you warmer. Rapid city S.D. Is considered the Banana Belt. It doesn't get the extreme lows. But there is mud or muddy snow for much of the winter. That makes it cold.

I spent lots of time in Germany It had much the same problem with mud and wet. Temperatures constantly around freezing day and night. You stayed cold and wet 9 months out of the year.


 

A foggy winter day in Bakersfield, is cold to a North Dakotan.

posted by PawnThyself on Feb 23, 2008 at 11:14 AM

North Dakota is frequently warmer than Bakersfield in March-May in years when we are below normal. It's just how the weather patterns lay across the US during cold-West years. While we're freezing 15 below normal in late March, ND can have surprise soars to 80.

posted by tkozy on Feb 23, 2008 at 11:47 AM

 Last July on the Farm.

posted by woofwoof on Feb 23, 2008 at 12:26 PM

I'm sure people who already live up there, like in Minnesota or Wisconsin, will be happy to take those jobs.  Heck they're use to it.  It's like my Auntie Marilyn who's living in Minnesota says, "it may be cold here, but it heeps out the riff raff.

posted by tkozy on Feb 23, 2008 at 12:49 PM
posted by NancyII on Feb 23, 2008 at 12:53 PM

Last summer on the farm.  Not mentioning humidity and such.  I have a friend who is from South Dakota and she says they have two seasons...cold and hot.  All a matter of taste or perspective I guess.

posted by tkozy on Feb 23, 2008 at 01:10 PM

This is a live Minot web cam of today. It is hazy and 41 degrees,

The July Photos it was low humidity and in the low 70's. Had beautiful days with thunderstorms at night. The hottest days for June and July were below 85 degrees. Humidity can get high. And it can reach the 100's on occasion. But a 100 degree day means there is a storm coming. Luckily Minot is far enough north that Tornado's are no more common there than here.  


 

Storms that come through Bakersfield from the south. Usually end up in Minot in the next 2 days.

 

 

posted by tkozy on Feb 24, 2008 at 10:23 AM

Good Morning

posted by sfinboston52 on Feb 24, 2008 at 10:54 AM

oil is not the answer.

posted by tkozy on Feb 24, 2008 at 01:18 PM

 It's not the answer to the energy problem. But We do have oil. And there is enough for 110 years.

The lies have to stop. The greed has to stop.


 

And the exposing of the lies is the beginning of the journey toward renewable resources.

 

 

posted by ronmexico on Feb 26, 2008 at 08:32 PM

Low oil prices mean death for renewable energy sources.. Simple economics.

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