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New USGS oil and gas assessment for Bakken and Three Forks formations boosts estimates of recoverable oil two-fold, natural gas three-fold

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The United States Geological Survey (USGS) released an updated oil and gas resource assessment for the Bakken Formation and a new assessment for the Three Forks Formation in North Dakota, South Dakota and Montana, resulting in a two-fold increase in the estimated technically recoverable oil, and a three-fold increase in estimated natural gas.

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Denbury poised to begin construction on Greencore CO2 pipeline for EOR operations in Wyoming and Montana

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Enhanced Oil Recovery (EOR) company, will soon begin construction on the Greencore Pipeline —a 232-mile, 20-inch pipeline through Wyoming to Montana that will move CO 2 to mature and depleted oil fields in both states for EOR. Billings Gazette. Denbury Resources, a CO 2. The plant will also produce CO 2.

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MSU moves forward with DOE-backed CO2 storage project in northern Montana

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Schematic illustration of carbon capture and storage at Kevin Dome in Montana. Three companies, Vecta Oil and Gas, SR2020 Inc. There are barrier rock layers above the CO 2 that prevent gas or other liquids from migrating to the surface. Courtesy Big Sky Carbon Sequestration Partnership. Click to enlarge.

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BNSF expands Bakken oil rail transport capacity to 1M barrels per day; overcoming shortage of pipeline capacity

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BNSF Railway (BNSF) has increased capacity in 2012 to enable the railroad to haul one million barrels of oil per day out of the Williston Basin in North Dakota and Montana. One million barrels of oil per day would represent about 16-17 unit trains of 100 tanker cars each (60,000 barrels per train). Earlier post.).

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Exxon Mobil Acquiring XTO Energy in $41B Deal; Enhances US Position in Unconventional Natural Gas and Oil

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The agreement, which is subject to XTO stockholder approval and regulatory clearance, will enhance ExxonMobil’s position in the development of unconventional natural gas and oil resources. XTO’s resource base is the equivalent of 45 trillion cubic feet of gas and includes shale gas, tight gas, coal bed methane and shale oil.

Oil 186
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Harvard Kennedy School researcher forecasts sharp increase in world oil production capacity and risk of price collapse

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World oil production capacity to 2020 (crude oil and NGLs, excluding biofuels). Oil production capacity is surging in the United States and several other countries at such a fast pace that global oil output capacity could grow by nearly 20% from the current 93 million barrels per day to 110.6 Source: Maugeri 2012.

Oil 261
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Department of Interior awards initial $560M to 24 states to plug, cap and reclaim orphaned oil and gas wells

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The Department of the Interior awarded an initial $560 million from the Bipartisan Infrastructure Law to 24 states to begin work to plug, cap and reclaim orphaned oil and gas wells. Twelve states—including Kansas, New Mexico and Ohio—have prioritized capping wells in disadvantaged communities. California. 1,000-1,200.