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Oil production coming out of the Bakken was closing in on 800,000 barrels of oil per day as of this past March. This has some speculating that the play's production might be able to top more than ...
Night view of H&P drilling the Bakken. The North Dakota oil boom was the period of rapidly expanding oil extraction from the Bakken Formation in the state of North Dakota that lasted from the discovery of the Parshall Oil Field in 2006, and peaked in 2012, [1] [2] but with substantially less growth noted since 2015 due to a global decline in oil prices.
Finally, the rate of return, by shaving a million dollars off of well costs, improves from 50% to 60% at current oil prices, which really adds up. The Bakken can still produce solid returns even ...
The Bakken has become the biggest development in the U.S. energy industry since Prudhoe Bay, Alaska. And while it has created enormous wealth for investors, you might not know exactly what's going ...
SINTEF was established in 1950 by the Norwegian Institute of Technology (NTH), which was later merged into the Norwegian University of Science and Technology (NTNU). It was originally intended to be an arm of NTH extended towards industry, where professors at NTH saw opportunities to build up a mission research business and used SINTEF as an instrument to do that.
How much of the generated oil is recoverable remains to be determined. Estimates of 50%, 18%, and 3 to 10% have been published. The Bakken play on the North Dakota side of the basin is still early in the learning curve. Technology and the price of oil will dictate what is potentially recoverable from this formation."
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It is named after Henry O. Bakken (1901–1982), a farmer in Tioga, North Dakota, who owned the land where the formation was initially discovered while drilling for oil. [3] Besides the Bakken Formation being a widespread prolific source rock for oil when thermally mature, significant producible oil reserves exist within the rock unit itself. [4]