Experts think 20+ years of petroleum growth

Posted: Feb 18 2014
The Bakken is the largest oilfield discovered in 40 years worldwide, and the largest ever assessed by the U.S. Geological expertgrowth14.jpgSurvey at 7.4 billion barrels of recoverable oil. It could contain three times that amount, according to Continental Resources, the top leaseholder and top producer in North Dakota. Using the USGS estimate and production at 1 million barrels per day, that's conservatively more than 20 years of growth and development of North Dakota's oil industry.

Pad drilling technologies are pumping up production numbers, reducing environmental impact and ultimately making the Bakken a template for tight oil production worldwide. Companies such as Continental Resources are drilling as many as 14 wells on one site in North Dakota, and many of the state's 10,000 wells producing today are headed that direction.