Bakken Shale in the US - Oil Shale Market Analysis and Forecasts to 2020
Bakken Shale Emerging As A Major Oil Producing Area In The US The Bakken shale has fast emerged as one of most promising oil and gas producing areas in the US. The production from the US Bakken shale increased from 9.3 MMboe (Million barrels of oil equivalent) in 2004 to 70.9 MMboe in 2009, at an average annual growth rate (AAGR) of 40.6%. The production in the play is expected to continue to increase to touch 211.4 million barrels in 2020, at an AAGR of 9.9%. For further details, please click or add the below link to your browser: http://www.globaldata.com/reportstore/Report.aspx?ID=Bakken-Shale-in-the-US-Oil-Shale-Market-Analysis-and-Forecasts-to-2020&ReportType=Industry_Report&coreindustry=ALL&Title=Oil_~_Gas Huge Potential Attracts Greater Activity In The Bakken Shale Play The Bakken shale play in the US has recently seen tremendous growth in the development of oil, gas and natural gas liquids. The 2008 assessment by the United States Geological Survey (USGS) - stating that the North Dakota and Montana Bakken shale formation holds 3.0-4.3 billion barrels of undiscovered, technically recoverable oil has made the shale one of the most lucrative destination for oil and gas players. Further, in a recent study, the North Dakota Industrial Commission (NDIC) stated that the expected ultimate recovery from the Bakken and Three Forks combined is approximately 4 billion barrels of oil, restating the potential of the play.With increasing crude oil prices, the oil assets have attracted increased interest from the oil and gas companies and the Bakken shale will continue to draw increased level of activities over the next few years. The major companies plan to drill approximately 841 gross (391.8 net) wells, investing over $2.6 billion in the play in 2010. North Dakota Experiencing A Significant Increase In Production The increasing production from the Bakken shale has significantly increased the overall production in North Dakota which has emerged as the fourth largest oil producer in the US. The oil and gas production from the North Dakota Bakken shale formation increased from 0.8 MMboe in 2004 to 55.2 MMboe in 2009 at an AAGR of approximately 84.7%. The shale’s contribution to the overall oil production in North Dakota has also significantly increased from 2.0% in 2004 to 58.3% in 2009.
Increased Production Mandates Development of Midstream Infrastructure The increasing production from the Bakken shale will also lead to the increased development of midstream infrastructure in the region. Enbridge is already looking at options to expand the capacity of its Williston Basin Feeder pipelines by 115,000 barrels per day. The project could cost up to $300m. In addition, the governors of North Dakota and Montana are also trying to convince TransCanada to expand its Keystone XL pipeline. Other midstream companies also have plans to expand the midstream infrastructure in the region. For further details, please click or add the below link to your browser: http://www.globaldata.com/reportstore/Report.aspx?ID=Bakken-Shale-in-the-US-Oil-Shale-Market-Analysis-and-Forecasts-to-2020&ReportType=Industry_Report&coreindustry=ALL&Title=Oil_~_Gas GlobalData’s new report “Bakken Shale in the US - Oil Shale Market Analysis and Forecasts to 2020” analyzes the recent activities in the Bakken shale play in the US. The report details the initial production rates, number of wells drilled and cost per well in the Bakken shale formation. The report also provides historical production in the Bakken shale (Montana and North Dakota) and the expected forecast production in the shale play to 2020. The report details the major players in the play in terms of both acreage position and production and also details activities of top five companies operating in the Bakken shale. Major infrastructure developments and merger and acquisition activities in the shale are also discussed. Visit our report store: http://www.globaldata.com/reportstore Contact Information: Rajesh Gunnam email@example.com +914066166782