Williston Basin: Bakken/Three Forks
[Source: Oasis Midstream S-1, May 2017]
Overview of the Williston Basin
The Williston Basin covers 202,000 square miles in the Northern United States and Southern Canada>. The Bakken and underlying Three Forks formations are the two primary reservoirs that Oasis is currently developing in the Williston Basin. According to the U.S. Energy Information Administration—U.S. Crude Oil and Natural Gas Proved Reserves, Year-End 2015 report, the Bakken and Three Forks Shale formations contain technically recoverable reserves estimated at 5.0 billion barrels of oil, while North Dakota contains 7.3 trillion cubic feet of natural gas.
A growing issue regarding natural gas production and the demand for natural gas gathering and production is flaring. Natural gas production in the Williston Basin has increased since 2010 and, as a result, flaring has become an environmental issue because it releases carbon dioxide, a GHG, into the atmosphere. Flaring results from a lack of natural gas gathering and processing capacity to meet the rise in production. During the last four years, there has been an increased focus on decreasing the percentage of natural gas being flared in the state of North Dakota due to the emergence of strict flaring regulations that incentivize operators to process their natural gas rather than flare it.