Munsback, Luxembourg (PRWEB) June 18, 2010
Uni Oil and Gas Partners Ltd’s recent successes in the Barnett Shale zone of Texas have spurred them to explore establishing operations in North Dakota’s Bakken shale zone as well. Uni has begun the exploratory and feasibility phases needed to lay the ground work for such a move. The Bakken is a substantial oil reserve which lies two miles beneath North Dakota in an area of concerted focus that has been at the core of a major shift in the U.S. oil industry. In the last few years oil shale production in the Bakken has dramatically altered the fortunes of North Dakota and the producers who are investing in the state. Despite having been previously recognized as an area rich in hydrocarbons, and the fact that some independents had some success there, the Bakken was not considered to be a truly viable profit play until the advent of highly evolved fracturing and horizontal drilling techniques. In the last few years the Bakken has come to be recognized as one of the fastest growing areas for gas production in the Continental United States.
“The recent successes in the Bakken shale have shown that drilling in the area is now feasible,” spoke an executive of Uni Oil and Gas Partners Ltd on condition of anonymity because he was not authorized to speak publicly. “We feel that if we replicate in the Bakken, what we have undertaken and been successful at within the Barnett, we can increase our company’s overall net worth and value. Shale oil production in the Bakken has increased over three fold within the last few years, yielding close to eighty million barrels now annually. We owe it to our partners to continue to search out and offer sound projects of worth and we feel the Bakken merits investigating.”
Geologists have known about the Barnett and Bakken formations and their hidden potential for decades, but technology was not yet up to the standard required to proficiently access them. However, the advent of newer and more capable technology in the early part of the last decade catapulted the Barnett and Bakken Shale zones into quickly becoming some of America’s more important resources. The success of the Bakken shale zone is helping North Dakota to exceed the production of both Louisiana and Oklahoma. If seismic imaging, drilling and fracturing technologies keep improving at the current rate, and the price for gas remains at today’s current levels or goes higher, the Bakken could very well surpass Alaska in its importance and become the third largest producer for America.
Current estimates put the Bakken reserves at over four billion barrels of recoverable oil, which would make it the largest discovery within the Continental United States of the past 40 years. That figure could climb if the innovations in the technologies employed are comparable to or exceed those of the last few decades, which many in the industry foresee happening.
Most importantly, the innovations of the last few years have enabled independents to drill more successfully in areas that were once thought to be inaccessible. Wells are also larger now and they go into production much faster with the overall drilling time, and relative costs falling, which in turn increases profitability. What used to take drillers between fifty and sixty days can now be achieved in approximately half the time as before with strikes occurring between twenty-five and thirty-five days after spudding. What was once considered to not be feasible and uneconomical has since given a new boost to not only North Dakota and Texas, but to all the shale zones in operation today, and oil shale plays continues to change the face of U.S. oil production.
About Uni Oil and Gas Partners
Uni Oil and Gas Partners Ltd have a strategy of drilling low risk oil and gas prospects; typically Uni chooses areas within Texas that are already established for having excellent production. The company's area of expertise is in obtaining superior quality leases in long proven fields that are surrounded by existing production. Through the use of sophisticated seismic analysis, and multi-volume visualization models, along with precise depth imaging and reservoir characterization, Uni’s research team will then seek to tie in a prospect that is under consideration with the existing surrounding proven production areas.
Uni Oil & Gas Partners have assumed principal responsibility on many key oil and gas projects within Texas and they have significant experience in projects throughout the Permian and Fort Worth Basin Regions. Qualified investors seek Uni out for their professional investment advice, project management acumen and the knowledgeable guidance that they are known for. Uni Oil & Gas Partners offer a comprehensive spectrum of services to the upstream, midstream and downstream oil and gas sectors. Qualified investors are invited to contact Uni Oil and Gas Partners Ltd for information regarding their past, current and future offerings.