Continental Resources: Bakken Hits 1-Billion Barrel Mark

Continental 2013 Production
Continental 2013 Production

Citing IHS data, Continental Resources revealed the Bakken field of North Dakota and Montana reached the milestone of 1 billion bbls of cumulative light, sweet crude oil produced during first quarter of 2014.

Two-thirds of the total was produced in the last three years according to Continental.

This milestone validates the immense potential of the Bakken field and development is just beginning,” said Jack Stark, Senior Vice President of Exploration for Continental. “Two-thirds of this oil was produced in the last three years. This is something our country can celebrate as the oil and natural gas industry continues to create jobs, grow our economy and secure America’s energy future.

Continental is the largest producer, driller and leaseholder in the Bakken field. In 2013, the company's proved reserves stretched to more than 1 Billion boe, with an estimated value of more than $20 billion. 

Read more: Continentals Proved Reserves in Bakken Valued at $14.5 Billion - 2013

The Bakken is anticipated to continue achieving milestones. In 2014, oil production is expected to reach the 1 million b/d mark, and grow markedly beyond that figure over the next 5 – 6 years.

According to the oil and gas research and consulting firm Wood Mackenzie, the Bakken and Three Forks plays hold close to $118 billion in value. Despite infrastructure concerns, estimates indicate operators will recover more than 20 billion bbls of oil reserves throughout the life of the play.