Industry pushing for reassessment of potential production in the Bakken

U.S. Geological Survey is weighing whether or not to recalculate the amount of recoverable oil in the Bakken oil field, with a decision expected in the next week.

The potential analysis is coming at the behest of industry and Sen. John Hoeven, R-N.D., who hosted a meeting of industry, tribal and government officials in Bismarck on Friday.

When the USGS conducted its last update in 2013, it “leapfrogged capital investment” into the Bakken, said Ron Ness of the North Dakota Petroleum Council.

It was in 2013 that USGS decided that the Three Forks crude oil formation was recoverable, bringing future resources to be tapped in the Williston Basin up from 3.7 billion barrels … READ MORE