Bakken Hits 1 Billion Barrels Of Cumulative Production
Just got this press release from Continental Resources, Harold Hamm’s company which is one of the biggest players in North Dakota’s oil fields.
According to data from IHS, the Bakken’s cumulative oil production reached the billion barrel mark in the First Quarter of 2014.
“This milestone validates the immense potential of the Bakken field and development is just beginning,” said Jack Stark, Senior Vice President of Exploration for Continental. “Two-thirds of this oil was produced in the last three years. This is something our country can celebrate as the oil and natural gas industry continues to create jobs, grow our economy and secure America’s energy future.”
Horizontal drilling technology has spurred the discovery of vast new resources of oil in America. Much of this potential has yet to be accounted for in our nation’s proved reserves of crude oil. The Bakken field alone appears to be the largest oil field discovered in the world in more than 40 years. Continental is the largest producer, driller and leaseholder in the Bakken field.
Pretty amazing stuff, but not all that surprising given that North Dakota’s growth in annual oil production looks like this: