A billion is mighty large number. In the oil fields of North Dakota and Montana, the number represents a new milestone, as the Bakken formation reached 1 billion barrels of light, sweet crude oil produced.
According to data from IHS, the Bakken’s cumulative oil production reached the billion-barrel mark in the first quarter of 2014.
“This milestone validates the immense potential of the Bakken field and development is just beginning,” said Jack Stark, senior vice president of exploration for oil producer Continental Resources Inc. “Two-thirds of this oil was produced in the last three years. This is something our country can celebrate as the oil and natural gas industry continues to create jobs, grow our economy and secure America’s energy future.”
Horizontal drilling technology has spurred the discovery of vast new resources of oil in America. Much of this potential has yet to be accounted for in our nation’s proved reserves of crude oil. The Bakken field appears to be the largest oil field discovered in the world in more than 40 years, according to a Continental statement regarding the milestone. The company is one of the largest producers, drillers and leaseholders in the Bakken field.