Peak Oil Postponed Again: “USGS Identifies Largest Continuous Oil and Gas Resource Potential Ever”… And it’s in the Permian Basin
Guest congratulating by David Middleton
USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
Release Date: NOVEMBER 28, 2018
Estimates Include 46.3 Billion Barrels of Oil, 281 Trillion Cubic feet of Natural Gas, and 20 Billion Barrels of Natural Gas Liquids in Texas and New Mexico’s Wolfcamp Shale and Bone Spring Formation.
WASHINGTON – Today, the U.S. Department of the Interior announced the Wolfcamp Shale and overlying Bone Spring Formation in the Delaware Basin portion of Texas and New Mexico’s Permian Basin province contain an estimated mean of 46.3 billion barrels of oil, 281 trillion cubic feet of natural gas, and 20 billion barrels of natural gas liquids, according to an assessment by the U.S. Geological Survey (USGS). This estimate is for continuous (unconventional) oil, and consists of undiscovered, technically recoverable resources.
“Christmas came a few weeks early this year,” said U.S. Secretary of the Interior Ryan Zinke. “American strength flows from American energy, and as it turns out, we have a lot of American energy. Before this assessment came down, I was bullish on oil and gas production in the United States. Now, I know for a fact that American energy dominance is within our grasp as a nation.”
“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. Today, thanks to advances in technology, the Permian Basin continues to impress in terms of resource potential. The results of this most recent assessment and that of the Wolfcamp Formation in the Midland Basin in 2016 are our largest continuous oil and gas assessments ever released,” said Dr. Jim Reilly, USGS Director. “Knowing where these resources are located and how much exists is crucial to ensuring both our energy independence and energy dominance.”
The new assessment of the Delaware Basin Wolfcamp shale may be found online. To find out more about USGS energy assessments and other energy research, please visit the USGS Energy Resources Program website, sign up for our Newsletter, and follow us on Twitter.
I worked with Jim Reilly at Enserch Exploration from 1981-1995.
The “amazing” thing is that this isn’t a “new” oil discovery. It’s just a realization that a lot more oil and gas can be produced from these formations than was previously imagined.
The Permian Basin a nearly infinite resource. It seems as if there will always be more hydrocarbons to squeeze out of its numerous oil & gas reservoirs. From a Warmunist perspective the Bone Spring and Wolfcamp are much worse than previously thought… Since Warmunists seem to think that we are on course for a repeat of the Permian extinction. Clearly the carbon now stored in the Permian Basin oil must have caused the “Great Dying” and if we don’t stop producing it, we’ll cause another “Great Dying”. At least, that’s as close as I can get to a Warmunist thought process.
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