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Nordsven
Coal
Joined: Aug 20, 2007
Posts: 8
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 Posted: Tue Nov 13, 2007 2:06 am Post subject: Yet another Newbie |
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I have been hanging out and around here for some time and have now decided to join in the conversation.
I've been a peak oil believer for about 3 - 4 years mainly because my father is in the oil patch and thus I learned alot about oil economics.
I was raised in Dickinson North Dakota, an oil town. The bakken formation, a famous oil reserve, is nearby and is one of the biggest in-land oil field discoveries. It's said to contain 200 - 400 BBO |
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stu
News Editor
Joined: Oct 04, 2004
Posts: 2496
Location: Ye Olde Englande
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| Posted: Tue Nov 13, 2007 8:29 am Post subject: Re: Yet another Newbie |
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Welcome aboard.
Will be good to hear from someone with a bit of an insight into the oil markets. 
_________________
"The age of excess is over. The age of entropy has begun" |
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PraiseDoom
Heavy Crude
Joined: Apr 23, 2007
Posts: 297
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| Posted: Tue Nov 13, 2007 7:09 pm Post subject: Re: Yet another Newbie |
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| Nordsven wrote: |
I was raised in Dickinson North Dakota, an oil town. The bakken formation, a famous oil reserve, is nearby and is one of the biggest in-land oil field discoveries. It's said to contain 200 - 400 BBO |
Wow. Bigger than Saudia Arabia? And every land rig in the country isn't flowing towards North Dakota as we speak...why? |
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Nordsven
Coal
Joined: Aug 20, 2007
Posts: 8
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| Posted: Tue Nov 13, 2007 10:43 pm Post subject: Re: Yet another Newbie |
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It's not so much about the quantity of oil that is there, but more about the amount that is able to be recovered. Most estimates range between 5 and 15 %. Also the rate of which this oil is recovered is also relatively small. That being said according to Dan Gunderson in this article he explains that Marathon plans on spending 1.5 billion dollars and drilling 300 new oil wells in North Dakota within next 5 years. The article explains that a geologist predicted that the Bakken had 400 BBbls of oil.
Heres the article if anyones interested.
http://minnesota.publicradio.org/display/web/2006/08/18/ndoil/
I own land that is in the Bakken play which is why I've researched it. |
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PraiseDoom
Heavy Crude
Joined: Apr 23, 2007
Posts: 297
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| Posted: Tue Nov 13, 2007 11:09 pm Post subject: Re: Yet another Newbie |
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I don't know if "predicted" is quite the word. Throwing around numbers derived from a possible in place oil calculation and generalized recovery factor can be a very tricky, and very misleading, thing. |
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pstarr
Expert
Joined: Sep 27, 2004
Posts: 6840
Location: Behind the Redwood Curtain
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| Posted: Wed Nov 14, 2007 12:09 am Post subject: Re: Yet another Newbie |
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| Quote: | | A 1999 study by Leigh C. Price, a highly regarded geochemist who worked for the Denver office of the United States Geological Survey, suggests that it might. Mr. Price examined 107 old wells in North Dakota and found evidence of unextracted oil in the broken-rock layer of all of them. He estimated that there were 413 billion barrels of high-quality crude to be found between the two layers of shale -- right where Mr. Findley found it. But the study by Mr. Price, who died in 2002, was never published. |
Link
The 400 billion barrels are dispersed in a 200,000-square-mile formation known as the Bakken. Peak oil is a production constraint, not a reserve issue.
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 ree rah rip ram. sunofabitch godamn. hidey didey christ almighty. rah rah crap  |
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PraiseDoom
Heavy Crude
Joined: Apr 23, 2007
Posts: 297
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| Posted: Wed Nov 14, 2007 10:16 am Post subject: Re: Yet another Newbie |
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| pstarr wrote: |
The 400 billion barrels are dispersed in a 200,000-square-mile formation known as the Bakken. Peak oil is a production constraint, not a reserve issue. |
"Dispersed" and "capable of generating" are two different things.
Julie Talks About Leighs Paper
And if reserves weren't wrapped up in the Doomer argument to a large extent, we would have run out back when Hubbert thought we only had 250 BBO of worldwide reserves in 1956. Which means we would have run out in about 1968. And that didn't happen either, did it? |
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Nordsven
Coal
Joined: Aug 20, 2007
Posts: 8
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| Posted: Wed Nov 14, 2007 4:23 pm Post subject: Re: Yet another Newbie |
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Interesting stuff, thanks for the input pstarr and PraiseDoom, the level of knowledge on this forum is ridiculous. Either you both knew of the bakken formation or researched it, either way I'm extremely impressed.
My guess for what the bakken formation ultimately will contribute to the worlds oil supply will be minute. Still an interesting discovery nonetheless. |
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