New Drilling Technologies Reshape Oil World

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1. REUTERS -- "Oil output from shale prospects in unconventional sources from North Dakota to Texas could reach 1.5 million to 2 million barrels-per-day (bpd) in the coming five to seven years, twice as much as the 700,000 bpd currently produced in these places."

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2. NATIONAL GEOGRAPHIC --"Oil exploration is moving to new corners of the country as drillers use a combination of technologies to tap crude that was always known to be there, but only now can be produced economically.

Colorado's El Paso County, which had plenty of cattle but never a producing well, sits on the Niobrara shale. The geologic formation stretches from Colorado into Wyoming, while also touching parts of Nebraska and Kansas. The Niobrara is one of about a score of new and renewed oil plays made possible through a combination of horizontal drilling and hydraulic fracturing. Gas producers early last decade combined fracking and horizontal drilling with outstanding results, significantly altering the U.S. energy picture and touching off major gas drilling booms in Texas, Louisiana, Colorado, Pennsylvania, and elsewhere."

3. NATIONAL PUBLIC RADIO

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- The article "New Boom Reshapes Oil World, Rocks North Dakota" reports that in Williston, N.D. parking spaces for RVs are going for $1,000 per month and small one-bedroom apartments for $2,000 - sounds like Manhattan or DC prices. Here's more:

"The boom in Williston is happening in spots across America. New drilling technology is also fueling boom towns in Texas, Louisiana, and Colorado. New drilling technologies mean companies can extract oil and natural gas from shale rock that was previously thought unreachable.

The U.S. could have 2 trillion barrels of oil waiting to be drilled. South America could hold another 2 trillion. And Canada? 2.4 trillion. That's compared to just 1.2 trillion in the Middle East and north Africa."