Published on May 16th, 2011 | by Scott Hennen0
24 Billion Barrels of Potentially Recoverable Crude Oil In Bakken Formation, Top Producer Says
BISMARCK, ND – The Bakken Formation is home to roughly 24 billion barrels of potential recoverable crude oil and oil equivalent, says CEO of Continental Resources Harold Hamm, more than five times the 4.3 billion barrel estimate provided by the United States Geological Survey (USGS) in 2008.
Appearing on the Scott Hennen Show yesterday, Hamm said the 24 billion barrel estimate includes 20 billion barrels of crude oil and 4 billion barrels of oil equivalent in the form of natural gas. “If you wanted to find one this size” Hamm explained, “you’d have to go back over 30 years.” These findings confirm the Bakken’s ranking among the top ten oil producing regions in the world, with estimates expected to climb as technology progresses.
While certainly good news for Hamm, the latest assessment is also promising for the host of supporting industries that provide service needs to the booming oil economy.