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David Hobbs, IHS, Cambridge Energy Research Association (CERA), is forecasting that by the end of the decade, production in the Bakken will be one million barrels a day
“The potential production is far greater than anyone would have admitted to even a couple years ago. The rate at which innovation is changing the unit costs to bring it into the attractive oil prices – will ensure that activity keeps on going.” Hobbs’ forecast is based on the acreage that’s available and the number of wells that can be drilled on that land. (speaking at Williston Basin Oil Conference in Bismarck)
70-80 rigs a year can drill 1,000 wells a year… And Hobbs also watched as production rates in the Bakken have reached higher levels with the help of new technology..
In addition he says the Bakken could out perform what he’s predicting because he may have underestimated the improvements in technology
In February, 2010 there was 261,000 barrels of oil per day from North Dakota Oil. There was 65,000 barrels per day from Bakken Oil in Saskatchewan and about 50,000 barrels per day from Bakken oil in Montana.
Underneath most of the Bakken oil field is the Three Forks Formation which doubles the amount of recoverable oil.
North Dakota oil production has been predicted to be 350,000 barrels per day at the end of 2010 and in the 400,000 barrel per day range for 2011-2012
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Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.