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Page added on December 8, 2018

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Largest oil, gas resource ever assessed identified in Texas

Geology

The U.S. Geological Survey has determined that a vast shale field in West Texas and New Mexico could yield 46.3 billion barrels of oil, 281 trillion cubic feet of natural gas, and 20 billion barrels of natural gas liquids, the agency said in a press release Thursday.

The Wolfcamp Shale and overlying Bone Spring Formation in the Delaware Basin portion of Permian Basin in West Texas and New Mexico has the largest continuous oil and gas resource potential ever assessed, the USGS said.

“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 November of 2016, the agency estimated the Wolfcamp Formation could yield 20 billion barrels of oil and 16 trillion cubic feet of natural gas.

“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.”

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27 Comments on "Largest oil, gas resource ever assessed identified in Texas"

  1. dissident on Sat, 8th Dec 2018 10:39 am 

    https://en.wikipedia.org/wiki/Cline_Shale

  2. Jef on Sat, 8th Dec 2018 10:51 am 

    “$771 Trillion Worth Of Gold Lies Hidden In The Ocean: Good Luck Getting It”

    https://www.forbes.com/sites/trevornace/2017/09/15/771-trillion-worth-gold-hidden-ocean/#5aea945a23d3

  3. Cloggie on Sat, 8th Dec 2018 2:43 pm 

    Please, lay the myth “peak oil is relevant now” to rest, and bring it to the grave yard, next to Santaclaus, Jesus Christ, Muhamed, Jehova, Marx and a host of other fata morgana’s and childish superstitions.

  4. Outcast_Searcher on Sun, 9th Dec 2018 6:11 pm 

    If a moderate sized find is announced, peak oilers point out it isn’t huge. If a huge find is announced, expect peak oilers to deny it could be real in 3, 2, 1 …

    Note this is part of the Permian, which the peak oilers claim must peak within a few years.

  5. I AM THE MOB on Sun, 9th Dec 2018 7:02 pm 

    Outcast_Searcher

    The world used around 225 billion barrels of oil over the last decade..And they discovered around 100 billion..And last year the world used around 37 billion barrels and discovered 7..So I forty billion barrel discovery, assuming it all can be produced..Isn’t even close to bridging the gap..

    http://www.businessinsider.com/an-oil-crisis-may-be-brewing-and-not-because-of-decreasing-demand-2018-4
    https://www.chron.com/business/energy/article/Oil-discoveries-in-2017-hit-all-time-low-12447212.php

  6. Go Speed Racer on Sun, 9th Dec 2018 7:58 pm 

    Yee haww! More oil!
    Fill ‘er up with Ethyl !!

    https://www.goretro.com/2011/07/whatever-happened-tofull-service-gas.html

  7. Roger on Mon, 10th Dec 2018 8:26 am 

    Art Berman’s take:

    SUCH A DEAL!
    $135 BREAK-EVEN PRICE for USGS Largest Continuous Oil and Gas Resource Potential Ever in Permian Basin.
    Requires 318,325 wells w/ avg EUR of 170 kboe.
    #OOTT #oilandgas #oil #WTI #CrudeOil #fintwit #OPEC

    https://twitter.com/aeberman12/status/1071796399665307648

    Sounds like more drilling bait for negative cash flow shale companies…should work fine though, when we get to $150/bbl.

    7:59 AM – 9 Dec 2018 from Sugar Land, TX

  8. rockman on Wed, 12th Dec 2018 11:39 am 

    I still find it interesting to see so much attention paid to how much oil is left to be produced and so little focus on who will be acquiring what is left…and who won’t. IMHO seems to be a much more important question.

  9. Davy on Wed, 12th Dec 2018 12:27 pm 

    “who will be acquiring what is left…”

    China may be needing less if this materializes.

    “Albert Edwards: Trump’s Tariffs Have Launched A Chinese “Death Wobble”
    https://tinyurl.com/y78gr6n4

    “SocGen permabear compares China’s economy to driving a motorcycle, and specifically a close personal encounter he calls the “Tank Slap”, which he describes as one where the front wheel wobbles violently out of control from side to side, with the handlebars hitting both sides of the petrol tank.”

    “If President Trump’s tariffs against China “amount to a similar unbalancing shove as China drives past the US to become the largest economy in the world.” Yet while a sudden collapse in China’s economy like the one Edwards suggests has yet to be observed, a more granular read of Chinese economic data suggests that indeed Beijing is looking increasingly wobbly on its motorbike as it rushes to overtake the US as the world’s biggest economy.”

    “… as unless Beijing manages to boost Credit creation, the entire economy is about to fall off a cliff…… or as Edwards calls it – a “Tank Slap” – one caused by Trump’s unfriendly tariff shove.”

  10. Davy on Wed, 12th Dec 2018 1:50 pm 

    “Albert Edwards: Trump’s Tariffs Have Launched A Chinese “Death Wobble”

    Like I said before. If the empire can’t have total control, expect even more death and destruction. Until death do us (all) part. Even our own children, cause they don’t care about them either.

  11. Davy on Wed, 12th Dec 2018 2:14 pm 

    JuanP, the article is not about we are them like your little binary mind thinks. One need only refer to the your above identity theft to see your mind. It is about a common source of decline. I don’t think you give a shit. For you it is about winning damn the truth that is why you are destroying this forum. You are one sick puppy.

  12. Davy on Wed, 12th Dec 2018 2:47 pm 

    “JuanP, the article is not about we are them like your little binary mind thinks. It is about a common source of decline.”

    Sorry Juan, I misunderstood the article, ( Trump’s Tariffs Have Launched A Chinese “Death Wobble”) although you must admit my friend, that Trump IS a common source of decline.

    It’s looking more likely all the time that Trump is working towards collapsing the global economy, US included, to usher in the Empire’s NWO.

  13. Davy on Wed, 12th Dec 2018 3:09 pm 

    JuanP, in reference to your identity theft above. Trump is following self interest just as other leaders do. The global economy is collapsing on its own. No man nor country can achieve that. Simpleton. Trump’s nationalism is uprooting traditional relationships this is affecting the global economy but not collapsing it.. It will adapt to this but it will never overcome its own momentum of decline.

    PS why not debate me like a man without the identity theft?

  14. JuanP on Wed, 12th Dec 2018 3:37 pm 

    Davy seems to have lost it completely!

  15. I AM THE MOB on Wed, 12th Dec 2018 3:42 pm 

    Italy: EU budget rules should apply to France too

    https://euobserver.com/tickers/143672

    Now France is doing what they told Itlay they couldn’t..

    Europe is collapsing! We will still their top industries again!

    LMFAO!

  16. Cloggie on Wed, 12th Dec 2018 3:47 pm 

    https://www.dailymail.co.uk/news/article-6485873/Trump-says-Americans-REVOLT-impeached-wrong.html

    Trump: “Trump says Americans would REVOLT if he was impeached after his economic success”

    https://spectator.org/americas-next-civil-war-will-be-worse-than-our-last/

    “America’s Next Civil War Will Be Worse Than Our Last”

    N.B. it is NOT me saying that, but the American Spectator.

  17. JuanP on Wed, 12th Dec 2018 3:53 pm 

    Suck my jewish cock cloggie. This is not me it is you:

    “It’s looking more likely all the time that Trump is working towards collapsing the global economy, US included, to usher in the Empire’s NWO.”

  18. makati1 on Wed, 12th Dec 2018 5:13 pm 

    Texas always has the “biggest” … pile of bullshit in the world. Well, second biggest. The biggest is on a goat farm in Missouri.

  19. makati1 on Wed, 12th Dec 2018 5:16 pm 

    BTW: You cannot tell me that this is a previously unknown field in the state that has been drilling for oil forever. Every square inch of Texas has been explored and mapped for decades. More bullshit from the bullshit state.

  20. Davy on Wed, 12th Dec 2018 5:18 pm 

    Billy, what’s the matter are you still upset from earlier today and your ass whoopin? You wear your feelings like a 4 year old.

  21. Davy on Wed, 12th Dec 2018 5:20 pm 

    Could it be this article is just another example of your failed agenda? BillT talked some shit but look around little of it materialized IOW BillT is a blowhard and a fraud.

  22. Davy on Wed, 12th Dec 2018 5:22 pm 

    “More bullshit from the bullshit state.”

    Translation: I don’t believe news that does not follow my story line. It is simply not true because I say so.

    LOL

  23. Davy on Wed, 12th Dec 2018 5:29 pm 

    “For you it is about winning damn the truth that is why you are destroying this forum.”

    Golly gee wizzikers. I was projecting again.

  24. Davy on Wed, 12th Dec 2018 5:30 pm 

    “You wear your feelings like a 4 year old.”

    And again.

  25. Davy on Wed, 12th Dec 2018 5:31 pm 

    “I don’t believe news that does not follow my story line. It is simply not true because I say so.”

    Yet another one of my projections.

  26. Davy Intentity Theft on Wed, 12th Dec 2018 5:39 pm 

    JuanP on Wed, 12th Dec 2018 3:53 pm

    Suck my jewish cock cloggie.

  27. JuanP 14th Sep 2016 on Wed, 12th Dec 2018 5:40 pm 

    I’m more amazed at what makes people go on in this vicious, hellish, Social Darwinist dystopia.”
    I am amazed, too! It is one of the things that make me realize how little I have in common with the people around me. I struggle with the fact that I belong to the same species; I find myself emotionally and intellectually incapable of accepting the fact. That is why I consider myself a sui generis individual rather than a human animal.

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