Estimates vary considerably, but it could easily be 200 billion barrels. How much of that is economically recoverable will depend on future technology and oil prices. Continental Resources estimates that 12% or more of it may eventually be produced.
At the beginning of 2011, North Dakota was producing about 400,000 barrels/day. Continental Resources' CEO estimates that they have drilled only about 15% of the wells that will be needed to develop the entire Bakken formation.
The Bakken Formation, located in the U.S. and Canada, is estimated to hold around 7.4 billion barrels of recoverable oil. However, estimates can vary due to advancements in technology, production rates, and economic factors.
Oil formation in the Earth's crust typically takes millions of years.
I don't think there is any rate of formation of crude oil in the world as it is now. The accepted theory of how the oil arose is that it was formed by very thick deposits of algae, in a world very different from today's world. Some people have argued that oil could come from deep inside the earth, but this theory is not accepted by most geologists.
Oil formation is a result of organic matter, like dead plants and animals, being buried deep underground over millions of years. The heat and pressure from the Earth's crust transform this organic matter into oil through a process called diagenesis. This process is influenced by factors like temperature, pressure, and the presence of certain minerals.
Saskatchewan - the Bakken Oil Formation
The Bakken Formation in Alaska.
At the beginning of 2011, North Dakota was producing about 400,000 barrels/day. Continental Resources' CEO estimates that they have drilled only about 15% of the wells that will be needed to develop the entire Bakken formation.
The Bakken formation covers several states including Montana and North Dakota. The Bakken oil field in Montana is estimated to cover about 10,000 square miles. It is a significant source of oil and natural gas in the region.
The Bakken Formation, located in the U.S. and Canada, is estimated to hold around 7.4 billion barrels of recoverable oil. However, estimates can vary due to advancements in technology, production rates, and economic factors.
There are large oil findings in the Bakken Oil Field in North Dakota, however, there is not much oil found in South Dakota.
The flash point of Bakken crude oil typically ranges between 40-50 degrees Celsius. However, this can vary depending on the specific composition of the crude oil.
Texas and North Dakota contain most of the country's oil resources, with Texas being the largest oil-producing state in the U.S. and North Dakota having significant oil reserves in the Bakken formation.
Rich Bakken's birth name is Richard Bakken.
Jim Bakken's birth name is James Leroy Bakken.
The majority of oil and natural gas in the US is located in Texas, specifically in the Permian Basin and Eagle Ford Shale regions. Other significant reserves can be found in areas such as Alaska, North Dakota (Bakken formation), and the Gulf of Mexico.
Christopher Bakken was born in 1967.