The Shale Energy Boom Has Just Begun
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Don’t expect the shale oil and gas boom to slow down anytime soon. North Dakota is the number-2 oil-producing state (behind Texas), and the head of the state mineral department said they’ve only just begun to develop the Bakken Shale formation located there:
Lynn Helms, the director of North Dakota's mineral resources department, said on the "Platts Energy Week" television show Sunday that the Bakken Shale formation in the Western part of his state produced about 640,000 barrels of oil per day in May, second only to Texas' 1.7 million b/d. But Helms emphasized that oil production in the Bakken is consistently increasing by 15,000 to 20,000 b/d every month, and that thousands of additional wells will be drilled there in the coming years.
"We're seeing back-to-back 5% increases in production," Helms said. "And we've got 35,000 wells left to drill in this Bakken reserve."
But don’t worry about Texas. Another shale formation, Eagle Ford, could be a greater oil and gas source than the Bakken according to IHS Global Insight.
In this Energy Information Association map posted by Business Insider’s Rob Wile, you can see the number of rigs mushrooming across south-central Texas.
The only way the Bakken and Eagle Ford Shales are able to supply all this oil and gas is because of horizontal drilling and hydraulic fracturing. These technologies are powering jobs today, and will years into the future. Shale Works for US.