Oil in South Dakota

binx_19 · 03-22-2008, 10:17 AM

check out this article from Black Hills Fox

Quote:

Is South Dakota sitting on the biggest oil deposit in the country? Early next month, a government report will be released with details on what could be the largest oil field ever discovered in the U.S., and part of it is in northwestern South Dakota. With oil prices at $100 a barrel, the report will come as an incredible piece of good news for the entire country, and especially for the upper Great Plains. What's called the Bakken formation is a geological region that stretches from Canada, into western North Dakota, eastern Montana, and northwestern South Dakota. It was known to contain oil for a long time, but it wasn't known how much. But, coming in April, the U.S. Geological Survey is expected to release a report saying that the Bakken formation contains somewhere between 150 and 500 billion barrels of oil. That's astounding, considering that would be more than ten times the amount of oil on Alaska's North Slope, and an amount that could equal or exceed the oil reserves under Saudi Arabia. Saudi Arabian reserves are estimated at about 260 billion barrels. That amount of oil, contained within the boundaries of the United States, would have huge implications for international politics and for the domestic economy. Economist John Quinn says, "Because currently we're producing about 8 and a half million barrels a day. We're consuming 16 and a half million barrels a day. That means we have an increasing dependence on foreign oil. Any discovery, and particularly one in this area will be of enormous significance." Oil was first discovered in the Bakken formation in the 1950s. So, if it was known that the Bakken formation contained oil, why did it take so long to find out how much? The answer is that it took 21st century technology to give us the first hint the amount of the oil. It also gave us the first cost-effective ways to get it out. Now I'm told that the Bakken formation is very thin, running about 4 to 5 thousand feet below the surface. If you drill vertically you risk punching right through it and coming up with nothing. But if you come in from the side; horizontally, you increase your chances of running into those pockets of oil. Oil wells using the new technology are already producing encouraging results. A new well sunk last year near Parshall, North Dakota is already making millionaires out of the ranchers living nearby. Officials with the U.S. Geological Survey are being very tight-lipped about the details of the up-coming report. There's obviously a lot riding on news with implications as far-reaching as this. And it's expected that the USGS may actually underplay the amount of oil that's there. But, if the Bakken oil fields produce anywhere near the estimates, it could be an economic bonanza for the northern plains, and for South Dakota. Says John Quinn, "There's going to be oil wells, pipelines, construction in the greater region, enormous construction. And all of this will have an impact on the larger area." Now it's important to keep in mind that it will be years before any of this has an economic impact. The wells have to be drilled, the pipelines have to be built, the refineries have to be built. But if the reports are true, what's lying beneath the plains of western North Dakota and northwestern South Dakota could hold an enormous economic potential for the future. Al Van Zee, Black Hills Fox News.

ElTejano · 03-22-2008, 10:55 PM

Uh oh, good thing Bush and Cheney are on the way out or they would invade South Dakota.

OldSchlPunk · 03-22-2008, 10:58 PM

I say tap it!

tgermain · 03-22-2008, 11:40 PM

definatly
that shit is on our MOST NEEDED essentials right now with gas prices... and the oil rig jobs pay really good too.

tgermain · 03-22-2008, 11:41 PM

Dakotas FTMFW

R1100S-Rider · 03-23-2008, 11:11 AM

Quote:

Originally Posted by tgermain

definatly
that shit is on our MOST NEEDED essentials right now with gas prices... and the oil rig jobs pay really good too.

Funny... People say gas prices are very expensive now. Hell, was anyone around when it hit $1.00 a gallon? Holy shit, everyone was saying we need cars with much better gas milage, and scooters were the future... They fought $1.00 was expensive...

If you want expensive gas. Go to Germany. They are paying about $8.50(USD) a gallon.

baron4406 · 03-23-2008, 11:45 AM

Quote:

Originally Posted by ElTejano

Uh oh, good thing Bush and Cheney are on the way out or they would invade South Dakota.

toyotapower · 03-23-2008, 11:55 AM

damn, maybe i need to move back to south dakota!

scottmichael · 03-23-2008, 11:57 AM

Does anyone else find fault in these numbers? At 16 million barrels a day, you are looking at close to 6 billion barrels a year, with only 200 somewhat barrels left in SA (do not forget the oil OTHER countries consume from their stockpile) that would leave us high and dry within our (at least what would be mine) children's lifetime.

big_slacker · 03-23-2008, 12:06 PM

Saudi arabia isn't the only place that has oil reserves. However the dwindling supply is one reason you're seeing a push for alternative energy in your lifestime.

scottmichael · 03-23-2008, 12:10 PM

May not be the only place that has it, but the entire planet NEEDS it, and as far as I know they have the largest supply. Someone educate me, I do not know much about this but i am interested.

636blurr · 03-23-2008, 12:12 PM

Quote:

Originally Posted by scottmichael

Does anyone else find fault in these numbers? At 16 million barrels a day, you are looking at close to 6 billion barrels a year, with only 200 somewhat barrels left in SA (do not forget the oil OTHER countries consume from their stockpile) that would leave us high and dry within our (at least what would be mine) children's lifetime.

Thing is with new techniques even old Oil wells that were dry can be reused.

There is more than enough oil in eather Montana or Wyoming to pick up the slack of the I believe its under 10% of oil imported from sand land.
There are hundreds of wells which are capped in Montana.
We are being fucked as far as prices go and the market has been forced.

SlowGoose · 03-23-2008, 12:16 PM

Quote:

Originally Posted by 636blurr

Thing is with new techniques even old Oil wells that were dry can be reused.

There is more than enough oil in eather Montana or Wyoming to pick up the slack of the I believe its under 10% of oil imported from sand land.
There are hundreds of wells which are capped in Montana.
We are being fucked as far as prices go and the market has been forced.

Link to Montana and Wyoming claim?

R6JUNKIE · 03-23-2008, 12:16 PM

in the past I have pluged more oil wells than drilled. for some reason most people are not intrested in using our oil. it might be the cost of refineing in our country, where as the over seas oil is still cheaper. most wells done in WV,OH,KY,MI and PA is natural gas. we pump all the way to the west coast. I would say that the wells that I come in contact with is only 20% oil.

R6JUNKIE · 03-23-2008, 12:23 PM

I work for Key Energy Services. were a pre production company. we drill, seismic logging , preparation and Fracturing. my company goes in and brings out what product that is sought. natural gas, oil, co2, coal bed methane.