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An untapped reservoir in Three Forks could hold a staggering 10,5 billion gallons of oil, valued at $18,6 billion, putting North Dakota on the global energy industry’s radar. With the promise of adding another 258 million barrels to its production, the U.S. could be on the verge of taking over the industry’s leadership once and for all.
North Dakota is about to take a giant leap forward in the U.S. oil industry. Geologists have discovered an untapped reservoir in McKenzie County, more precisely in the central Three Forks formation. The discovery of billions of gallons of oil could be a game-changer for the local economy and the country as a whole.
Today, drilling in the region takes place just 16 meters from this underground treasure. And get this: it's estimated that there are about 10,5 billion gallons of oil down there, valued at a staggering $18,6 billion! For a state that already puts more than 1,2 million barrels of oil on the market per day, this discovery could catapult North Dakota to another level.
The Bakken Oil System and its weight in production
The Three Forks reservoir is part of the famous Bakken Oil System, one of the largest sources of oil in the US, which spans Montana and North Dakota. This system already releases an impressive 474,5 million barrels into the market annually, but experts believe there is still much more to be explored.
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North Dakota Governor Kelly Armstrong has made it clear that tapping into these untapped reserves could not only ensure America’s energy independence, but also put the country at the top of the global market. This means less dependence on imports and, of course, more economic strength for Americans.
The Future of Drilling: A New Era of Oil in North Dakota
There are currently more than 360 wells operating in the central Three Forks formation, which has produced 2013 million barrels of oil since 92. But the new studies point to dizzying growth drilling. If everything goes as planned, 600 more wells will be added, which could result in an increase of 258 million barrels in total production.
Geologists like Tim Nesheim say that digging deeper could reveal even more reserves. Recent studies analyzed 593 horizontal wells in 51 drilling areas and found that 17 of those areas saw significant increases in production after the Three Forks development.
The local economy could be turned upside down (in a good way!)
The oil boom is set to transform McKenzie County’s economy. Today, the county has a population of just 14.600, spread across seven towns, but that number could grow quickly as demand for skilled workers explodes.
Oil and gas extraction companies have already begun to expand their operations, attracting professionals from various areas. And it doesn't stop there: sectors such as construction, commerce and services are also expected to take advantage this wave of growth, creating a positive domino effect for the entire region.
