USGS doubles Bakken reserves estimate

A new resource assessment by the US Geological Survey (USGS) has doubled previous reserve estimates of the Bakken and Three Forks formations in North Dakota, South Dakota and Montana

The USGS found that the formations hold an estimated mean of 7.4 billion barrels of undiscovered, technically recoverable oil, up from a 2008 estimate of 3.65 billion barrels. According to its revised numbers, the Bakken has an estimated mean oil resource of 3.65 billion barrels, along with 3.73 billion barrels in the Three Forks, with a range of 4.42 billion barrels (95% probability) to 11.43 billion barrels (5% probability). “These world-class formations contain even more energy resource potential than previously understood,” Interior Secretary Sally Jewell said in a statement. USGS said the revisions are justified due to better well and drilling data over the past five years. Since the 20