Halfway there.

[Allen]

It sounds like we are halfway there:



https://www.msn.com/en-us/money/mar...ota-revised-downward/ar-AARY0de?ocid=msedgntp




[FONT=&quot]BISMARCK, N.D. (AP) — A federal report shows that untapped recoverable oil in western North Dakota has dropped significantly in the last eight years due to the number of new wells.[/FONT]
The U.S Geological Survey estimates that the Bakken and Three Forks rock formations contain another 4.3 billion barrels of crude, a 40% drop from the agency’s last estimate in 2013.
About 11,000 wells have been drilled into the formations in the last eight years, collectively producing billions of barrels of oil predicted in the earlier estimate.
“We weren’t all that surprised that the number went down,” state Mineral Resources Director Lynn Helms said Friday. “I think we were surprised how much the number went down.”

Video: Oil's supply-demand balance is still 'pretty tight,' says data and analytics firm (CNBC)

5​

The wells drilled into the rock formations have produced 4 billion barrels of oil to date. Helms said he anticipates the future output of those wells will consist of another 4 billion barrels, The Bismarck Tribune reported.

Helms said about 80% of what’s considered the best mineral acreage in the Bakken oil patch has already been drilled and companies are looking to innovate in parts of the region farther from the center.
The USGS also revised down its expectations for natural gas production. The 2013 estimate anticipated 6.7 trillion cubic feet per day of additional recoverable gas. The latest estimate puts the figure at 4.9 trillion cubic feet per day.

 

[.204]

I quit reading at CNBC

 

[Allen]

I quit reading at CNBC

I wonder how much farther you would have to read to figure out the CNBC thingy was an advertisement, and not a part of the article?

 

[Dirty]

I wonder how much farther you would have to read to figure out the CNBC thingy was an advertisement, and not a part of the article?

That’s pretty amusing!

 

[Davey Crockett]

Things will really be busy and booming again in the upcoming years just like eye predicted . The bad thing about it is that the companies will merge, buy, sell and change thier names a few times and we will be busy plugging all the orphan wells left behind.


" State leaders designated $66 million in federal CARES Act funding for plugging abandoned wells, $16 million of which appeared unlikely to be spent by the deadline so was ultimately redirected to reimburse companies for the cost of acquiring water used in the fracking process. Officials authorized another $6 million to finish cleanup work this year. Those efforts are ongoing. "

They plugged 339 wells, quite a few of them were the older shallow wells 3000-4000 footers .


what really pisses me off more than anything is they had so much money that they couldn't spend it all so they gave $16 million of it away to oil companies to help cover the cost of thier water bills.

- - - Updated - - -

10 years ago they said #thistimeitsdifferent. Bullshit. It's not all helms fault but he sure threw a lot of fuel on the fire.

 

[Allen]

Yeah, at the larger scale, this is no different than any other boom and bust. While I too think there may be surges in activity compared to now, there's no way we return the level of activity seen in the 2010's. At least, not without something major taking place, like a war or oil embargo.

Since probably 98% is currently held by production, there's no need to intentionally drill an uneconomical well at this point.

 

[eyexer]

I put no stock in the USGS. They originally said their was only 3.5-4 billion recoverable barrels. We’re already at that level.

 

[Allen]

I put no stock in the USGS. They originally said their was only 3.5-4 billion recoverable barrels. We’re already at that level.

Right, because refining one's interpretation of something as large as a geologic formation with 11,000+ new data points is ludicrous.

 

[eyexer]

Right, because refining one's interpretation of something as large as a geologic formation with 11,000+ new data points is ludicrous.

They have a proven track record of missing oil reserves by a huge margin

 

[LBrandt]

Maybe they should be pumping cow shit back down so that in a million years they can get oil again. Kind of like sustainable fuel production. LB

 

[Allen]

They have a proven track record of missing oil reserves by a huge margin

Oh well, bet your retirement accordingly.

 

[svnmag]

https://youtu.be/i7LXjBcoBFs

 

[Allen]

Crystal Gayle. Good choice.

 

[svnmag]

Play and read:

[URL]https://youtu.be/VHuU-7N_lx8

[/URL]

https://richardheinberg.com/richard-heinberg-on-abiotic-oil

 

[Davey Crockett]

Yeah, at the larger scale, this is no different than any other boom and bust. While I too think there may be surges in activity compared to now, there's no way we return the level of activity seen in the 2010's. At least, not without something major taking place, like a war or oil embargo.

Since probably 98% is currently held by production, there's no need to intentionally drill an uneconomical well at this point.

Yup. forever, we will be one war or oil embargo away from $150 or more dollars a bbl. of oil and $4.00 or more for a gallon for gasoline. Lots of craziness on this planet. We have enough oil, food and everything else on this earth to all thrive and live on a shoestring but there is one and only one thing in the way.


Greedy bastards