Bakken to Surpass 1 Million Barrels per Day Milestone
Research and consulting group Wood Mackenzie projects that the Bakken and Three Forks shale will produce 1.1 million barrels of oil per day (bopd) during 2014, according to a recent article in “Rigzone”. Oil production is forecast to pass the 1 million bopd mark in June and ultimately peak at 1.7 bopd in 2020.
However, to achieve these levels of production in 2014 will require a capital expenditure of $15 billion according to Wood Mackenzie. Nonetheless, Bakken wells are projected to have a productive life of 25-30 years.
Currently the Bakken/Three Forks shale produces more crude oil than any other unconventional play in the world. The formation is primarily located in Northwest North Dakota but extends into parts of Montana, Saskatchewan and Manitoba. It has already moved North Dakota into second place among producing states in the US; surpassed only by Texas.
To read the article in its entirety, please go to http://www.rigzone.com/news/oil_gas/a/132406/.