US doubles oil reserve estimates at Bakken, Three Forks shale

An oil-rich region of the north-central United States holds more than twice the recoverable crude supplies estimated just five years ago, according to a government study that highlights the nation's march toward energy self-sufficiency. The Bakken Formation and Three Forks Formation, which spans parts of Montana, North Dakota and South Dakota together hold an estimated 7.4 billion barrels of undiscovered, technically recoverable oil, the U.S. Geological Survey study said, although energy experts said those estimates likely understate the region's full potential. That total is more than double the previous estimate, from 2008, and officials said it is a building block towards energy independence. "These world-class formations contain even more energy resource potential than previously understood, which is important information as we continue to reduce our nation's dependence on foreign sources of oil," Interior Secretary Sally Jewell said in prepared remarks. Besides the crude reserves, the two formations hold a mean estimate of 6.7 trillion cubic feet of as-yet undiscovered natural gas and 530 million barrels of natural gas liquids that are within reach. In both cases those represent a nearly three-fold increase from the previous tally...more