'CHRISTMAS CAME EARLY': Feds Discover 'Largest Oil Reserve' Ever Assessed Under Texas

09 Décembre, 2018, 01:32 | Auteur: Auguste Feret
  • 46.3B Barrels of Oil in Wolfcamp Bone Spring

The U.S. Geological Survey has revised the technically recoverable reserves in the Wolfcamp Basin, in the Permian shale play, to 46.3 billion barrels of crude and 281 trillion cu ft of natural gas.

"In the 1980's, during my time in the petroleum industry, the Permian and similar mature basins were not considered viable for producing large new recoverable resources", said USGS Director Dr. Jim Reilly.

"Those are very important pieces of the basin, but it's not the whole thing", Flynn said.

Reilly emphasized the results of the DE and Midland assessments created "our largest continuous oil and gas assessments ever released".

"Undiscovered resources are those that are estimated to exist based on geologic knowledge and already established production, while technically recoverable resources are those that can be produced using now available technology and industry practices". That's up from 20 billion barrels of crude and 16 trillion cu ft of gas in recoverable reserves in late 2016. But the latest report on the DE shows more than twice the level of oil and many times more natural gas and liquids.

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The Delaware and Midland basins combined would take 49 years to produce if all the oil was profitable to recovery, according to the EIA figures. But modern technologies of hydraulic fracturing, or fracking, into hard rock and then burrowing horizontally into pools of oil and gas trapped in different layers of shale have made production in the Permian, and particularly the Delaware Basin, highly attractive.

Since 2017, the Permian - along with other USA basins - has continued to expand.

"The results we've released today demonstrate the impact that improved technologies such as hydraulic fracturing and directional drilling have had on increasing the estimates of undiscovered, technically recoverable continuous (i.e., unconventional) resources".

The US Geological Survey assessed that the Bone Spring Formation in Texas and Wolfcamp Shale in New Mexico contain the largest oil and natural gas potential ever found, the Department of the Interior said in a press release on Thursday. The USGS numbers mean it is the largest single reservoir of oil and gas in the United States and one of the largest on a global scale. "American strength flows from American energy, and as it turns out, we have a lot of American energy".

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