Despite being a true breakthrough, the first phase of horizontal oil production is only expected to recover 2% to 15% of the oil in areas such as the Bakken and Eagle Ford shales.
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do you agree with this assessment?
Thackney knows a lot more than I, and Smokin' Joe here in the Bakken too.
But living in the area you hear the same thing from the oil men, some of the good ones, that the amount of oil still likely recoverable is staggering.
A fellow who works for one of the big companies told me that much of it might not be available through present technologies; but given the quantities that appear to be there, he said, they will find a way to get it.
If they are counting Kerogen and not just oil already cooked out of the rock, 2% may be too high of all petroleum.
If they are only talking about crude oil similar to what is in production today 5%~15% is probably in line, but can vary greatly between fields.
What the article seems to leave out is how the production rates in most EOR systems is far lower than the initial production. And the cost per barrel is far higher to produce.
It is a fairly reliable source for production, but it is not cheap and fast. It will happen, but it will reduce the falling rate of production, not create a new production boom. But it is a great source for continuing jobs.