Why is it called the Bakken oil field?

It is named after Henry O. Bakken (1901-1982), a farmer in Tioga, North Dakota, who owned the land where the formation was initially discovered while drilling for oil.

How much oil is in the Bakken oil fields?

The USGS estimates that there may be 1.3 to 7.3 billion barrels of undiscovered, technically recoverable oil in the Bakken Formation (with a mean estimate of 4.3 billion barrels).

Where are the Balkan oil fields?

The Bakken Shale Play is located in Eastern Montana and Western North Dakota, as well as parts of Saskatchewan and Manitoba in the Williston Basin. Oil was initially discovered in the Bakken play in 1951, but was not commercial on a large scale until the past ten years.

How much oil is left in the Permian Basin?

The Permian Basin is one of the oldest and most well-known hydrocarbon-producing areas. Since the first well drilled in the basin in July of 1920, over 30 billion barrels of crude have been recovered, with experts predicting there are at least 20 billion barrels remaining.

Where is the Bakken located?

The Bakken Formation is located in western North Dakota, eastern Montana, and southern Saskatchewan, Canada, as a subsurface formation within the Williston Basin. The Williston Basin extends to southwestern Manitoba, east-central North Dakota, northwestern South Dakota, eastern Montana, and southern Saskatchewan.

Who owns the Bakken oil field?

Northern Oil and Gas
Oct 7 (Reuters) – Dallas Cowboys owner Jerry Jones’ Comstock Resources (CRK. N) on Thursday agreed to sell its assets in North Dakota’s Bakken basin to Northern Oil and Gas for $154 million, as it looks to shore up capital.

What does WPX energy do?

WPX Energy Inc. is an independent energy producer with core positions in the Permian and Williston basins. WPX’s production is approximately 80% oil/liquids and 20% natural gas. The company also has an infrastructure portfolio in the Permian Basin.

Is Marathon Oil in the Permian Basin?

Houston — Marathon Oil is returning to limited operations in Oklahoma and the Permian Basin’s western Delaware Basin in New Mexico before ramping up next year, the company’s top executives said May 6.

What kind of oil is in the Bakken?

Bakken oil, or Bakken crude, is also known as “North Dakota Sweet,” or “North Dakota Light” crude oil, due to its low sulfur content. In this respect, it is similar to traditional crude oil from West Texas, known as West Texas intermediate crude.

What type of oil is in the Bakken?

light sweet crude
Bakken oil is a type of “light sweet crude,” a relatively high quality oil that is easier to refine into commercial products, but also easier to ignite. A few decades ago, light-sweet crude was the dominant oil type in the US.