Who owns Bakken oil?
Who owns Bakken oil?
XTO Energy was bought by ExxonMobil in 2010. The Norwegian company Statoil bought Brigham Exploration in 2011. Analysts expected that $16 billion would be spent on further developing Bakken fields in 2015. The large increase in tight oil production is one of the reasons behind the price drop in late 2014.
Is Bakken crude heavy or light?
Crude oil in this API gravity range—the fastest-growing category overall—reached 2.5 million b/d in 2018, driven by increasing production in the tight oil plays of the Permian and Eagle Ford. The crude oil produced in North Dakota’s Bakken formation also tends to be relatively light.
How much oil is in the Bakken oil field?
The USGS estimates that there may be 4.4 to 11.4 billion barrels of undiscovered, technically recoverable oil in the Bakken Formation (with a mean estimate of 7.4 billion barrels).
Where is oil being drilled for today?
Today, petroleum is found in vast underground reservoirs where ancient seas were located. Petroleum reservoirs can be found beneath land or the ocean floor.
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