Massive Oil Reserve Discovered in Texas

Discussion in 'The Economy' started by Admin, Nov 17, 2016.

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  1. Admin

    Admin Captain Staff Member Administrator

    Oct 3, 2015
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    Largest oil deposit ever found in U.S. discovered in Texas


    The U.S. Geological Survey recently discovered the largest continuous oil and gas deposit ever found in the United States, officials said Tuesday.

    The agency announced that the Wolfcamp shale, located in the Midland Basin portion of Texas’ Permian Basin, contains 20 billion barrels of oil and 1.6 billion barrels of natural gas liquid.

    The Permian Basin is one of the most productive oil and gas areas in the country, and more than 3,000 horizontal wells have been drilled in the Wolfcamp shale section, the agency said in a statement.

    “The fact that this is the largest assessment of continuous oil we have ever done just goes to show that, even in areas that have produced billions of barrels of oil, there is still the potential to find billions more,” said Walter Guidroz, program coordinator for the U.S. Geological Survey (USGS) Energy Resources Program.

    The oil is worth around $900 billion at current prices, Bloomberg News reported.

    The discovery is nearly three times larger than oil found in 2013 in the Bakken and Three Forks formations in the Williston Basin Province of Montana, North Dakota and South Dakota, according to the USGS.
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  2. YarS

    YarS Lieutenant Colonel

    Oct 14, 2016
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    Wh40k, Battletech
    "Continuous oil and gas is dispersed throughout a geologic formation rather than existing as discrete, localized occurrences, such as those in conventional accumulations. Because of that, continuous resourcescommonly require special technical drilling and recovery methods, such as hydraulic fracturing.

    Undiscovered resources are those that areestimated to exist based on geologic knowledge and theory, while technically recoverable resources are those that can be produced using currently available technology and industry practices. Whether or not it is profitable to produce these resources has not been evaluated."