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<p style="font-size:xx-small;">WASHINGTON Energy companies are lining up for their shot to drill
in the Dakotas and Montana after a new government report revealed that
a massive geological formation stretching across the states contains twice
the oil and three times the amount of natural gas than was
originally believed.While the new estimate is drawing smaller companies
to the game, the larger players like Schlumberger, Halliburton and Continental
Resources are pushing forward with ambitious multi-year plans to stake their
claim in the industry.Continental recently announced a five-year plan to
triple its production by 2017. The companys growth is based on success
in North Dakota and Montana as well as in parts of Oklahoma.The
dash to drill follows news from the government on how much more
oil and natural gas there is to tap.These world-class formations contain
even more energy resource potential than previously understood, which is
important information as we continue to reduce our nations dependence on
foreign sources of oil, newly confirmed Interior Secretary Sally Jewell
said Tuesday in a statement.The new U.S. Geological Survey estimates there
are 7.4 billion barrels of oil, 6.7 trillion cubic feet of natural
gas and 0.53 billion barrels of natural gas liquids in the Bakken
and Three Forks Formations in the Williston Basin Province of Montana, North
Dakota and South Dakota. Since 2008, close to 450 million barrels of
oil have been produced in the area and if t
till, not everyone
is as gung-ho as Hoeven about drilling for natural gas, and the
controversial process known as fracking used to access it.The government
hopes to calm some opposition to natural gas by releasing a set
of draft rules to regulate hydraulic fracturing, or fracking. The process
involves injecting a high-pressure mix of water, sand and chemicals deep
into rock formations to release trapped oil and gas.Supporters say the drilling
method should continue and is credited for the countrys domestic energy
boom. They say fracking gives the country a chance to cut its
dependence on foreign oil.Environmental groups have long objected to the
practice and say it pollutes the groundwater and kills crops and livestock.
They also argue that fracking releases heat-trapping methane gas into the
air.But in mid-April, the Environmental Protection Agency dramatically lowered
its estimate of how much methane leaks during natural gas production. The
agency said that tighter pollution controls put in place by the industry
from 1990 to 2010 cut the countrys average of methane emissions by
more than 850 million metric tons overall, or about 41.6 million metric
tons annually. Thats a 20 percent decrease from previous EPA estimates
a decrease that took place as natural gas production in the country
grew by nearly 40 percent in the past two decades. It is
not clear exactly when the government will release its fracking regulations,
but it is expec
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