The Bakken Formation is an oil field located in western North Dakota, northeast Montana, and parts of Saskatchewan. Geologists have known for a long time that this formation contains a lot of oil, but because the oil is tightly locked in shale rock, have been unable to produce the oil economically. Due to technological developments and the combination of hydraulic fracturing and horizontal drilling, extraction of this oil is now possible at a reasonable price. This has greatly increased the oil reserves and production in North Dakota
This report is dedicated to the 11 men who lost their lives on the Deepwater Horizon rig on April 20, 2010 and to their families, in hope that this report will help minimize the chance of another such disaster ever happening again.
The world isn't literally about to run out of oil. But while demand, now 80 million barrels a day, continues to grow, production of conventional (easily extracted) oil will peak eventually, with production declining after that. In the continental United States, production has already peaked? way back in 1970. There were no headlines then because the U.S. made up the difference with imported oil. When the world supply peaks, it will be far more difficult to meet demand.
GOM Leases 1961 to 2001 Comparison graphic.
An insightful unbiased close look at the history and safety culture centered around major oilfield accidents on the anniversary of the Deepwater Horizon accident in April 2010.
UNOCAL: The Offshore Industry - Middle Aged but Still Learning.
Valero Energy Corp. Presentation to Lehman Brothers.
Discussions of U.S. and global energy supply refer to oil, natural gas, and coal using several terms that may be unfamiliar to some. The terms used to describe different types of fossil fuels have technically precise definitions, and misunderstanding or misuse of these terms may lead to errors and confusion in estimating energy available or making comparisons among fuels, regions, or nations.