Bakken Shale Sets New Record in April and May, 2014 | Russell T. Rudy Energy LLC
“Rigzone” reports that crude production from the Bakken shale set a new record of over 1 million barrels of oil per day (bopd) in April and May. Improved technology, a better understanding of the geology, higher crude prices and new wells all contributed toward achieving this milestone according to the U. S. Energy Information Administration.
The oil and gas industry has known about the existence of the Bakken since the 1950’s. However, it was the discovery of the Parshall field in the Bakken play in 2007 that got that jumpstarted development. Since then, additional wells have contributed to total Bakken output and also enhanced the understanding of the geology of the play. Consequently, consulting firm Wood Mackenzie estimates total recoverable reserves at 21 billion barrels, as opposed to the U. S. Geological Survey’s April 2013 estimate of 7.4 billion.
To read the article in its entirety, please go to www.rigzone.com/news/oil_gas/a/134393/Bakken .
