Oil and gas investment opportunities have been literally transformed by the hale development that has been occurring in the Bakken Oil Field and other shale areas. The Bakken Oil Field is a large shale area covering a large portion of North Dakota, Montana, and Saskatchewan. The area was discovered in 1953 but it wasn’t until a developer named Harold Hamm applied the latest technology that the area began to produce. Bakken Oil Field growth has been responsible for the additional of more than 30,000 jobs in North Dakota as well as ancillary growth in many related industries, from service and retail to manufacturing and transportation.
Oil and gas investors have a unique opportunity to position themselves for the future by investing in the Bakken Oil Field. Not only does Bakken Oil Field investment bring huge opportunity for profit to accredited oil and gas investors, but it allows oil and gas investors to be directly involved in the transformation of the American economy as well. Oil and gas investment in locations such as the Bakken Oil Field contribute to domestic oil and gas production, helping this country once and for all be able to reduce its reliance on unstable foreign supplies. To date, the Bakken Oil Field has been responsible for reducing our dependence on foreign oil by 25%; it is projected to end our dependence by 2017.
Check out the short video that explains why you should consider Oil and Gas Partnerships. Click here to watch
When the Bakken Oil Field was first surveyed, the USGS estimated that there were only 151 million barrels of oil in the field – a literal drop in the bucket. A decade later, the USGS upgraded that estimate, revealing that there were 3.5 billion barrels of oil in the Bakken Oil Field. Harlod Hamm the CEO of Continental Resources publicly stated that the Bakken has 24 Billion Barrels of oil in place. With the technology at our fingertips, constantly evolving this could be much bigger with the Three Forks formation that’s just under the Bakken Shale. .
It is almost impossible to comprehend the enormous potential represented by these 24 billion barrels of oil, but when coupled with incentives such as tax breaks and other incentives that have been implemented to promote domestic investment, the opportunity is extraordinary. The Bakken Oil Field holds the possibility to seriously change the domestic energy path of the United States. The estimated 24 billion barrels of oil could double United States reserves.
Development of The Bakken Field has the potential for 80,000 well sites over 20,000 square miles. More than 50,000 wells are expected to be drilled in the next 20 years. Oil and gas investors who want to be well positioned to benefit from the explosive growth that is predicted to occur thanks to the development at the Bakken Oil Field need to act