Report bumps oil estimate for Williston Basin - KSFY News - Sioux Falls, SD News, Weather, Sports

Report bumps oil estimate for Williston Basin

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BISMARCK, N.D. (AP) - The government estimates up to 7.4 billion barrels of oil can be recovered from the Bakken and Three Forks formations in the Dakotas and Montana, using current technology.

 The U.S. Geological Survey estimate released Tuesday increases an earlier estimate by more than 3 billion barrels.

 The USGS estimated in 2008 that up to 4.3 billion barrels of oil could be recovered from the Bakken. The agency called it the largest continuous oil accumulation it has ever assessed.

 The Bakken and the Three Forks formation below it encompass more than 25,000 square miles within the Williston Basin. About two-thirds of the formations' acreage is in western North Dakota.

 North Dakota politicians pressured the USGS to do the new assessment, saying it would attract more investment in the state's oil patch.

 

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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