Recoverable oil in western North Dakota revised downward

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. 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. The USGS also revised down its expectations for natural gas production in the region, from 6.7 trillion cubic feet per day of additional recoverable gas to 4.9 trillion cubic feet per day.