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Shale Play in Western Siberia is 80 Times Bigger than the Bakken
Oil Price.com ^ | 6/6/12 | James Burgess

Posted on 06/10/2012 4:00:58 PM PDT by Recon Dad

The Bakken shale is a huge expanse of oil-bearing rock that lies underneath Northern Dakota and Montana. Oil production in the Bakken has grown from just 60,000 barrels per day (BPD) five years ago, to 500,000 bpd now. It is predicted that the formation holds more than 24 billion barrels of oil, and that given enough rigs it could produce more than a million bpd by 2020 and continue that level of production for half a century.

The Bakken shale play is one of the biggest in the US, but is absolutely dwarfed by a shale play in Russia. The Bazhenov is located in Western Siberia, and according to Oswals Clint, Sanford Bernstein’s lead international oil analyst, it “covers 2.3 million square kilometers or 570 million acres, which is the size of Texas and the Gulf of Mexico combined;” an area 80 times bigger than the Bakken.

The region which is covered by the Bazhenov has many cracks and fractures which could make its oil flow more readily, and therefore production much cheaper. A couple of test wells have been drilled in the region which operated at 400 bpd; the same as an average Bakken well.

News of the Bazhenov may be new to many of us, but geologists have actually been studying it for at least 20 years, however it is only in the last few years that the technology and expertise necessary to drill the oil has been developed.

ExxonMobil and Statoil have agreed to start joint venture operations in the region with the Russian, state-owned Rosneft in an attempt to secure access to the Bazhenov. Exxon made a recent statement which confirmed the agreement “to jointly develop tight oil production technologies in Western Siberia.”

Oswald Clint warned that oil companies will face challenges of drilling in the region as during the summer the weather in Siberia warms and softens the ground enough to prevent drilling. Although if 300 rigs can be quickly deployed he believes that by 2020 the Bazhenov play could be producing one million bpd.


TOPICS: Business/Economy; Miscellaneous
KEYWORDS: shaleplay
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To: TigersEye
It's a second golden age. It must really piss of the eviro nazis and the peak oil folks.
21 posted on 06/10/2012 5:31:22 PM PDT by Recon Dad (Gas & Petroleum Junkie)
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To: ClearCase_guy

Siberia belonged to myChina 180 year ago. Russia is in serious need of labor in them parts and China is accommodating them with serious lift of immigrants.

Once a threshold of emigres and financial tints to Chinas faire they won’t even make demand on Russia, whose populace is aging and it census shrinking, then China will just declare reunification .....

Look for it in about 10-15 years....


22 posted on 06/10/2012 5:39:13 PM PDT by Vendome (Don't take life so seriously, you won't live athrough it anyway)
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To: Recon Dad

I haven’t read that one. Thanks for making me aware of that one.


23 posted on 06/10/2012 5:42:46 PM PDT by Army Air Corps (Four Fried Chickens and a Coke)
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To: Sherman Logan; ClearCase_guy

Add in the fact that Russia’s population is imploding, and there will be real problems maintaining Siberia. I think Russian nukes, combined with Russia’s willingness to get nasty, trump all though.

The best hope is to repopulate Siberia with Western Oil companies and their workers. Alaska is perfectly placed as a transit location for equipment, supplies, and people. This could be quite lucrative for all involved, including oil consumers as prices fall from increased global supply.


24 posted on 06/10/2012 5:52:37 PM PDT by rottndog (Be Prepared....for what's coming AFTER America...)
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To: Vendome

I’m getting my popcorn ready!


25 posted on 06/10/2012 5:58:59 PM PDT by Recon Dad (Gas & Petroleum Junkie)
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To: Recon Dad

Do you remember the part where the young woman states that she prefers Japanese sausages to Chinese noodles?


26 posted on 06/10/2012 6:00:02 PM PDT by WellyP (REAL)
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To: SeaHawkFan

A “play” was a gamble. Your money was in play or on the table to win big or lose.


27 posted on 06/10/2012 6:07:56 PM PDT by Eric in the Ozarks
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To: Eric in the Ozarks

One day the oil in the Arab world will disappear and all that will be left is oil in the western world.

Then they can go back t the 7th century.


28 posted on 06/10/2012 6:31:02 PM PDT by EQAndyBuzz (ABO 2012)
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To: TigersEye
"swimming in it"

Oh no, let me correct you sir. I have been reliably informed by many ahem "experts" on the matter (all of whom by the strangest coincidence happen to be arch-leftists) that we reached peak oil production about twenty years ago. So there is no more oil to be found. Despite the fact that we keep finding enormous reserves of the stuff. Does that make sense to you? Yeah, me neither.

29 posted on 06/10/2012 6:31:26 PM PDT by driftless2
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To: ClearCase_guy

there’s probably huge reserves of oil in chiner that have not been discovered.


30 posted on 06/10/2012 6:37:20 PM PDT by stickywillie (a corrupt parallel universe exists beside our wonderful Constitution)
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To: Recon Dad

But, but, are there any spotted owls in that area the size of Texas and the Gulf of Mexico combined? How about salamanders? Salmon?? Tree toads? Polar Bears? Lakes and Rivers, or maybe pretty mountain scenery

Surely something will take all that land out of production!

Or maybe the Russians will just gut the land and ruin Gaia for the rest of the human race - even before globull warming kills us all off!


31 posted on 06/10/2012 6:43:40 PM PDT by Noob1999 (Loose Lips, Sink Ships)
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To: TigersEye
If mankind doesn’t stop finding oil we’re going to be swimming in it!

For more than a decade I've said that the world is awash in oil.

I've been laughed at, including even here on FR, more than a few times. Not lately though.

32 posted on 06/10/2012 6:44:35 PM PDT by Balding_Eagle (Liberals, at their core, are aggressive & dangerous to everyone around them,)
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To: ClearCase_guy

The Russians still have one heck of a nuclear arsenal. You think they wouldn’t use it if the Chinese invaded Siberia?


33 posted on 06/10/2012 6:53:14 PM PDT by FreedomPoster (Islam delenda est)
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To: driftless2
Twenty years ago the proven reserves in the US were estimated at 34 bboe. Now they're 32 bboe, but somehow in between then and now we've managed to come up with 187 bboe, go figure.
34 posted on 06/10/2012 6:54:49 PM PDT by Recon Dad (Gas & Petroleum Junkie)
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To: Recon Dad

80X the land area, only 2X the potential recoverable reserves. That was a very deceptive headline.


35 posted on 06/10/2012 6:57:49 PM PDT by Praxeologue
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To: Recon Dad

Extra butter baby!


36 posted on 06/10/2012 7:03:12 PM PDT by Vendome (Don't take life so seriously, you won't live athrough it anyway)
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To: Recon Dad

80 times bigger? Really? They know already?

Sounds like typical 3rd-world hype and attempt to get Western oil co’s with deep pockets into a bidding war.


37 posted on 06/10/2012 7:05:24 PM PDT by PGR88
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To: PGR88

It’s a shale formation and it’s huge. I guess Exxon Mobile will give it a run. The conditions could be an issue along with logistics, but the industry seems to overcome almost anything.


38 posted on 06/10/2012 7:14:51 PM PDT by Recon Dad (Gas & Petroleum Junkie)
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To: Vendome; rottndog

China is experiencing a labor shortage right now and their one child policy means that in the next 10-15 years their population will start dropping rather quickly.


39 posted on 06/10/2012 7:23:54 PM PDT by BBell (And Now for Something Completely Different)
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To: BBell; Vendome; rottndog

Not to mention all the social problems inherent with a population having a distinct shortage of females due to female infanticide as a result of the one child policy. It is a double whammy on future population.


40 posted on 06/10/2012 7:31:27 PM PDT by FreedomPoster (Islam delenda est)
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