Mother of all Oil Finds in Texas
Dec 20, 2016 20:34:21 GMT
Honorebu, Ogbeni Ogunnaike, and 1 more like this
Post by omohayek on Dec 20, 2016 20:34:21 GMT
While the Buhari government continues its bizarre attempts at "diversification" by prospecting for oil in the north, there has been little attention paid to some interesting bit of news that happened recently in the United States: the discovery in Texas of the largest ever oil find ever made in America.
Some more interesting information, courtesy of CNN.
As energy industry followers will know, the Bakken oil fields are truly legendary, which helps to put this new oil find into some perspective. But I'm sure you're wondering what is the significance of all this for Nigeria? The answer is this: Industry commentators are suggesting that this new find could lead to an era of $30/barrel for many, many years to come. In other words, if the Buhari administration thought its financial woes could be tided over by simply borrowing and waiting for oil prices to rise again, this new discovery has put any such hopes permanently to bed.
The Wolfcamp shale in the Midland Basin portion of Texas’ Permian Basin province contains an estimated mean of 20 billion barrels of oil, 16 trillion cubic feet of associated natural gas, and 1.6 billion barrels of natural gas liquids, according to an assessment by the U.S. Geological Survey. This estimate is for continuous (unconventional) oil, and consists of undiscovered, technically recoverable resources.
The estimate of continuous oil in the Midland Basin Wolfcamp shale assessment is nearly three times larger than that of the 2013 USGS Bakken-Three Forks resource assessment, making this the largest estimated continuous oil accumulation that USGS has assessed in the United States to date.
“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 USGS Energy Resources Program. “Changes in technology and industry practices can have significant effects on what resources are technically recoverable, and that’s why we continue to perform resource assessments throughout the United States and the world.”
The estimate of continuous oil in the Midland Basin Wolfcamp shale assessment is nearly three times larger than that of the 2013 USGS Bakken-Three Forks resource assessment, making this the largest estimated continuous oil accumulation that USGS has assessed in the United States to date.
“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 USGS Energy Resources Program. “Changes in technology and industry practices can have significant effects on what resources are technically recoverable, and that’s why we continue to perform resource assessments throughout the United States and the world.”
The Midland Basin of the Wolfcamp Shale area in the Permian Basin is now estimated to have 20 billion barrels of oil and 1.6 billion barrels of natural gas, according to a new assessment by the USGS.
That makes it three times larger than the assessment of the oil in the mammoth Bakken formation in North Dakota.
That makes it three times larger than the assessment of the oil in the mammoth Bakken formation in North Dakota.
