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  1. #1
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    Largest US oil and gas discovery made - USGS

    Not sure if anyone posted this.

    The US Geological Survey says billions of barrels of oil, along with a vast source of gas have been found. The record discovery was made in a field of shale rock in West Texas.

    The discovery, which was confirmed on Wednesday, "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 director of the USGS Energy Resources Program.


    His team has uncovered an estimated 20 billion barels of oil, 16 trillion cubic feet of natural gas and 1.6 billion barrels of natural gas liquids at the Wolfcamp Shale geologic formation in the Midland area of West Texas. The find is the largest source of shale oil, three times larger than a shale discovery in 2013 in North and South Dakota and Montana, officials said.

    Guidroz hailed "changes in technology and industry practices" that allowed them to estimate a huge increase in resources that are technically recoverable.


    Texas Governor Greg Abbott tweeted that his state had just become about a trillion dollars (934 billion euros) richer.

    Geologists said that the oil from shale rock is classed as unconventional compared to other oil found in the ground, because extracting it requires advanced drilling or recovery methods, such as hydraulic fracturing.


    Ken Medlock, director of an energy-studies program at Rice University in Houston, said it seems "likely that we're seeing the birth of a new Permian Basin," referring to the energy-rich area of West Texas and southern New Mexico, which is one of the most productive oil and gas regions in the US.


    The advent of horizontal drilling, hydraulic fracturing and other advancements will allow for the removal of shale oil at a volume that will make the basin "the dominant onshore platform for oil production," he said.


    Chris Schenk, a Denver-based research geologist for USGS said it's been known for years that the region could yield new bountiful oil production, but it took the USGS time to assess the Wolfcamp Shale and estimate the volume of that production.


    "We think the potential is there for the future, and it's not going to be realized overnight," he said.

    Some analysts think the discovery could lead to a resurgence of the oil and gas industry in Texas, following a severe downturn when energy prices plummeted and tens of thousands of jobs were cut.
    mm/bw (AP, USGC)

    https://www.dw.com/en/largest-us-oil...sgs/a-36418422









    https://www.dw.com/en/largest-us-oil-and-gas-discovery-made-usgs/a-36418422Geologists said that the oil from shale rock is classed as unconventional compared to other oil found in the ground, because extracting it requires advanced drilling or recovery methods, such as hydraulic fracturing.

  2. #2
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    Quote Originally Posted by harrybarracuda View Post
    Guidroz hailed "changes in technology and industry practices" that allowed them to estimate a huge increase in resources that are technically recoverable.
    As most "shale" companies are not making enough profit to cover their costs of development/financing/extraction, it may be "technically recoverable" but financially impossible.

    Look for a share price jump for the companies and then crash once the bankers have taken their profit.

    I'm sure goldilocks will claim he's MAGA.
    A tray full of GOLD is not worth a moment in time.

  3. #3
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    Quote Originally Posted by OhOh View Post
    I'm sure goldilocks will claim he's MAGA.
    No doubt. And he won't understand the technicalities and be cautious, he'll just see the potential $$$ and make as if it's a done deal.

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    Quote Originally Posted by harrybarracuda View Post
    billions of barrels of oil, along with a vast source of gas have been found.
    Wondering who had lost the barrels there...

  5. #5
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    Quote Originally Posted by Klondyke View Post
    Wondering who had lost the barrels there...
    A response to OPEC + announcement for the algos.

    An amerstani government department was told to come up with a "plausible" figure. 42 was suggested, but word came back, make it "BIGLY". They multiplied the number by the standard tolerance,1,000,000,000, but covered them selves by inserting the "technically recoverable" clause.

    Look for a bigly surge up and then falling below the original price. Up and sown the algos make pennies every micro second.


  6. #6
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    On the bright side, if any state deserves to be completely fucked up by fracking and shit, it's Texas.

  7. #7
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    Quote Originally Posted by harrybarracuda View Post
    because extracting it requires advanced drilling or recovery methods, such as hydraulic fracturing.
    The people of Midland will love that...

    Midland Hexavalent Chromium Contamination Spreads. Hydraulic Fracture Giant Still Prime Suspect.
    Midland Hexavalent Chromium Contamination Spreads. Hydraulic Fracture Giant Still Prime Suspect. - Texas Sharon's Bluedaze

    Hexavalent Chromium contamination is spreading in the groundwater used by some Midland, Texas residents and environmental investigators say the mounting evidence points to the oil and gas industry. Affected residents say they have proof that hydraulic fracture giant Schlumberger is responsible.
    https://www.cbsnews.com/news/brockov...water-sullied/

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