Wednesday, November 16, 2016
Massive U.S. Oil Discoveries Continue
Star Telegram: Permian’s Wolfcamp formation called biggest shale oil field in U.S.
In a troubled oil world, the Permian Basin is the gift that keeps on giving.
One portion of the giant field, known as the Wolfcamp formation, was found to hold 20 billion barrels of oil trapped in four layers of shale beneath West Texas. That’s almost three times larger than North Dakota’s Bakken play and the single largest U.S. unconventional crude accumulation ever assessed, according to the U.S. Geological Survey. At current prices, that oil is worth almost $900 billion.
The estimate lends credence to the assertion from Pioneer Natural Resources CEO Scott Sheffield that the Permian’s shale could hold as much as 75 billion barrels, making it second only to Saudi Arabia’s Ghawar field. Irving-based Pioneer has been increasing its production targets all year as drilling in the Wolfcamp produced bigger gushers than the company’s engineers and geologists forecast.
Read more ....
Update: USGS: Wolfcamp shale holds 20 billion undiscovered barrels of oil (Fuel Fix)
WNU Editor: They also estimate that the area has 16 trillion cubic feet of recoverable natural gas. For OPEC .... before their big meeting this week .... this is dismal news .... Oil Prices Volatile Ahead of OPEC Meeting (OilPrices.com)