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USGS updates Williston

Basin reserve estimates

WILLISTON THE US Geological Survey (USGS) has released “This assessment is the latest in a long line of
BASIN an updated estimate of oil and gas reserves in work we’ve conducted in the Williston Basin,”
the Williston Basin, which spans Montana and said Ryker. “The Williston Basin has, in many
North Dakota. The last assessment of the basin ways, mirrored our broader energy work. What
was carried out in 2013, and the agency noted began with assessments of potential energy
that over 11,000 wells have been drilled in the resources has grown to encompass both energy
Williston since then, resulting both in more and water production, infrastructure and
production and in a better understanding of the impacts, demonstrating the importance of both
basin’s resources. to the regional and national economies.”
The new assessment focuses on areas where Citing IHS Markit data, the USGS noted that
less drilling has occurred, and where less is more than 6,400 wells drilled since 2013 had
known about the potential resources, the USGS targeted the Bakken, while around 4,100 wells
said. The agency has estimated that the Willis- had targeted the deeper Three Forks formation. The reduced 2021
ton’s Bakken and Three Forks formations now In total, IHS Markit estimates that more than
hold a combined 4.3bn barrels of unconven- 17,500 have been drilled in the Bakken and estimate points
tional oil and 4.9 trillion cubic feet (138.8bn Three Forks to date, including prior to 2013.
cubic metres) of unconventional natural gas in Roughly 4bn barrels of tight oil have been pro- to how much
undiscovered resources. duced from these wells.
“The USGS assessment is of undiscovered The new assessment was released days after of the region’s
resources; in other words, it’s a science-based the US Energy Information Administration resources have
estimate of what may be discovered in the basin (EIA) published its latest monthly Drilling Pro-
in the future,” said the USGS’ associate director ductivity Report (DPR), which forecasts short- been discovered
for energy and minerals, Sarah Ryker. “It’s dif- term production trends in the US’ main shale
ferent from – and complementary to – industry regions. The EIA predicted that Bakken produc- and developed
production numbers, which focus on the known tion would rise from 1.146mn barrels per day
or discovered resource. Our research focuses on in December to 1.154mn bpd in January. While since that last
areas of uncertainty.” the increase is modest at 8,000 bpd month on assessment.
In 2013, the USGS had estimated that the month, only two other shale regions – the Per-
Bakken and Three Forks contained a mean of mian Basin and the Eagle Ford shale – are pro-
7.4bn barrels of oil and 6.7 tcf (189.7 bcm) of jected to see larger increases.
gas on an undiscovered, technically recover- Bakken production continues to lag pre-pan-
able basis. The reduced 2021 estimate points demic levels, though, and as the play is maturing
to how much of the region’s resources have compared with other unconventional regions,
been discovered and developed since that last there is growing speculation that it will not
assessment. return to peak rates again.™

P8 www. NEWSBASE .com Week 50 16•December•2021