As of December 31, 2022, North Dakota had an estimated 4,965 million barrels of crude oil reserves.
Understanding North Dakota's Crude Oil Reserves
The term "reserves" refers to the estimated quantities of oil and natural gas that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. These figures represent the proved reserves, which are typically updated annually and reflect the dynamic nature of oil exploration, production, and market conditions.
Here's a detailed breakdown of North Dakota's energy reserves as of 2022:
| Resource Type | Quantity | As of Date |
|---|---|---|
| Crude Oil | 4,965 million barrels | Dec. 31, 2022 |
| Expected Future Production of Dry Natural Gas | 12,982 billion cu ft | Dec. 31, 2022 |
| Expected Future Production of Natural Gas Plant Liquids | 1,731 million barrels | Dec. 31, 2022 |
These reserves are crucial for North Dakota's role as a leading energy producer in the United States, primarily driven by the Bakken formation.
What are Oil Reserves?
Oil reserves are a critical measure of an area's energy potential. They are typically categorized based on their certainty of recovery:
- Proved Reserves (1P): These are quantities of petroleum which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be commercially recoverable from a given date forward, from known reservoirs and under defined economic conditions, operating methods, and government regulations. The data provided in the table falls under this category.
- Probable Reserves (2P): These are unproved reserves which analysis of geoscience and engineering data suggests are more likely than not to be recoverable.
- Possible Reserves (3P): These are additional unproved reserves which analysis of geoscience and engineering data suggests are less likely to be recoverable than probable reserves.
The figures for North Dakota represent proved reserves, which are the most conservative and reliable estimates for future production. These figures can fluctuate yearly due to new discoveries, technological advancements in extraction, changes in oil prices, and production rates.
Beyond Crude Oil: Natural Gas Resources
In addition to significant crude oil reserves, North Dakota also holds substantial reserves of natural gas and natural gas plant liquids. These resources contribute significantly to the state's overall energy output and economic landscape. The expected future production figures highlight the diverse energy portfolio of the state.
For more detailed information on North Dakota's energy profile, you can refer to the North Dakota State Energy Profile.
