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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.

Oil 257
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NSF announces $55M toward national research priorities; intersection of food, energy and water systems

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The National Science Foundation (NSF) has made 11 awards totaling $55 million aimed at building research capacity to develop new innovations at the intersection of food, energy and water systems and to address fundamental questions about the brain. Research at the nexus of food, energy and water. Montana State University.

Water 150
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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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Opinion: The Dark Side Of The Shale Bust

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The fallout of the collapse in oil prices has a lot of side effects apart from the decline of rig counts and oil flows. Williston is coping with $300 million in debt after having leveraged itself to buildup infrastructure to deal with the swelling of people and equipment heading for the oil patch.

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Norways Statoil to acquire Brigham Exploration for US$4.4B cash; entry into the US Bakken and Three Forks tight oil plays

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The Bakken is a prime US unconventional oil play, and is believed to be one of the largest, if not the largest, oil accumulation in the US. The tight oil is extracted in the same way as shale gas, through horizontal wells and hydraulic fracturing. In the Bakken formation, the oil is extracted from tight carbonate.

Oil 199
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State Department releases Keystone XL Final Supplemental Environmental Impact Statement

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Incremental well-to-wheels GHG emissions from WCSB Oil Sands Crudes Compared to Well-to-Wheels GHG Emissions from Displacing Reference Crudes Click to enlarge. Domestic production of crude oil has increased significantly, from approximately 5.5 million bpd in 2010 to 6.5 million bpd in 2012 and 7.5 million bpd by mid-2013. million bpd.

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State Department issues Draft Supplemental Environmental Impact Statement on Keystone XL Pipeline: climate change impacts

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The US Department of State (DOS) has released its Draft Supplemental Environmental Impact Statement (SEIS) in response to TransCanada’s May 2012 application for the Keystone XL pipeline that would run from Canada’s oils sands in Alberta to Nebraska. The pipeline would primarily transport crude oil from the WCSB and Bakken regions.