USGS Boosts Oil and Gas Estimates In Bakken, Three Forks
The United States Geological Survey in late April released an updated assessment of oil and gas resources in the Bakken Formation, as well as a new survey of the Three Forks Formation in North Dakota, South Dakota and Montana. Together, these formations contain an estimated mean of 7.4 billion barrels of recoverable oil, representing a doubling of previous estimates.
“These world-class formations contain even more energy resource potential than previously understood, which is important information as we continue to reduce our nation’s dependence on foreign sources of oil,” said Secretary of the Interior Sally Jewell. “We must develop our domestic energy resources armed with the best available science, and this unbiased, objective information will help private, nonprofit and government decision makers at all levels make informed decisions about the responsible development of these resources.”