According to one energy expert at this week's oil conference in Bismarck if you compare the Bakken to other oil producing fields...it could be one of the top 20 ...in the world.
David Hobbs is forecasting that by the end of the decade, production in the Bakken will be one million barrels a day.
And considering the world consumes 85 million barrels a day that means more than one percent would come from the Bakken.
(David Hobbs, Energy Strategist) "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."
He spoke on today - the final day of the Williston
MAY 07, 2010
In addition he says the Bakken could out perform what he's predicting because he may have underestimated the improvements in
In February, 2010 there was 261,000 barrels of oil per day from
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