There are 163 rigs drilling in North Dakota as of today. Expect 200 rigs by summer.
Following from North Dakota Geological Survey website.
Output may reach 300,000 to 400,000 barrels a day by mid-2011 and stay at that level for 10 to 15 years, said Lynn Helms, director of the North Dakota Mineral Resources Department. The state's previous estimate was 220,000 to 280,000.
North Dakota oil production has tripled since 2003, to 245,290 barrels a day, making it the No. 4 U.S. oil state, behind only Texas, Alaska and California. Helms said the state currently is pumping about 350,000 barrels of crude per day and was on pace to produce about 110 million barrels in 2010, up from 79.7 million last year and more than double the amount produced less than three years ago.
About six months ago, a news program was on about oil and one of the Forbes Bros. was the guest. The host said to Forbes, "I am going to ask you a direct question and I would like a direct answer: "How much oil does the U.S. have in the ground?" Forbes did not miss a beat; he said, "More than all the Middle East put together". Please read below.
The U.S. Geological Service issued a report in April 2008 that only scientists and oil men knew was coming, but man was it big. It was a revised report (hadn't been updated since 1995) on how much oil was in this area of the western 2/3 of North Dakota, western South Dakota and extreme eastern Montana ... check THIS out:
The Bakken is the largest domestic oil discovery since Alaska's Prudhoe Bay and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable, at $107 a barrel, we're looking at a resource base worth more than $5.3 trillion.
"When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea", says Terry Johnson, the Montana Legislature's financial analyst.
"This sizable find is now the highest-producing onshore oil field found in the past 56 years", reports The Pittsburgh Post Gazette. It's a formation known as the Williston Basin, but is more commonly referred to as the 'Bakken.' It stretches from Northern Montana, through North Dakota and into Canada. For years, U.S. oil exploration has been considered a dead end.
Even the 'Big Oil' companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken's massive reserves and we now have access of up to 500 billion barrels.
And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!
That's enough crude to fully fuel the American economy for 2041 years straight. And if THAT didn't throw you on the floor, then this next one should because it's from 2006!
U.S. Oil Discovery - Largest Reserve in the World
Stansberry Report Online - 4/20/06
Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world. It is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction. In three and a half years of high oil prices none has been extracted. With this motherload of oil why are we still fighting over off-shore drilling?
They reported this stunning news: We have more oil inside our borders than all the other proven reserves on earth.. Here are the official estimates:
- 8-times as much oil as Saudi Arabia
- 18-times as much oil as Iraq
- 21-times as much oil as Kuwait
- 22-times as much oil as Iran
- 500-times as much oil as Yemen
- and it's all right here in the western United States
HOW can this BE? HOW can we NOT BE extracting this? Because the environmentalists and others have blocked all efforts to help America become independent of foreign oil! Again, we are letting a small group of people dictate our lives and our economy. WHY?
James Bartis, lead researcher with the study, says we have more oil in this very compact area than the entire Middle East -- more than 2 TRILLION barrels untapped. That's more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.