A new federal assessment finds that deep shale formations beneath the Permian Basin contain far more recoverable oil and gas than previously estimated, enough to supply the U.S. for months at current consumption rates. for months at current consumption rates.
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A recent federal report indicates that Texas may have far more oil and natural gas than previously estimated, highlighting extensive untapped resources deep within the Permian Basin in West Texas.
The U.S. Geological Survey evaluation found that the Permian Basin’s Woodford and Barnett shale formations contain approximately 28.3 trillion cubic feet of technically recoverable natural gas and 1.6 billion barrels of oil. According to federal scientists, these quantities are substantial enough to meet approximately 10 months of U.S. natural gas consumption and about 10 weeks of U.S. oil demand, based on current usage rates. Approximately 10 months of U.S. natural gas consumption and approximately 10 weeks of U.S. oil demand could be met by these quantities. oil demand, based on current usage rates. The assessment of oil demand is based on current usage rates.
The results emphasize the ongoing significance of the Permian Basin, which stands as the most prolific oil field in the United States, and showcase how innovations in drilling and production technology are transforming projections of economically viable extraction.
The assessment stands out not just for the scale of the resources involved, but also for their profound depth. The Woodford and Barnett shales stretch from West Texas into southeastern New Mexico, positioned at significantly greater depths than numerous formations that have driven the Permian's prolonged energy surge. In certain regions, the USGS reported that the shales are located as deep as 20,000 feet beneath the surface.
The depth provides an explanation for why the formations have contributed only modestly to past production. Since the late 1990s, the Woodford and Barnett shales in the Permian have yielded approximately 26 million barrels of oil, a figure the agency noted represents roughly one day 's total U.S. consumption.
The latest estimate centers on resources deemed “technically recoverable,” which refers to oil and gas that can be extracted with existing technology, irrespective of market circumstances. The omission of these resources from previous counts can be attributed to their undiscovered status or the limitations of older drilling techniques that prevented access.
USGS officials have said that new methods such as horizontal drilling, hydraulic fracturing, and seismic imaging have expanded what we can reach, especially in deep, complex areas.
“The U.S. economy and our way of life rely heavily on energy, and assessments from the USGS indicate that there are still undiscovered resources in the oil and gas sector,” stated Ned Mamula, director of the U.S. Geological Survey. “Our assessment indicates that there are substantial undiscovered resources within the Woodford and Barnett shales located in the Permian Basin.”
The assessment may not ensure future production, but energy analysts indicate that it underscores Texas's pivotal position in the domestic energy landscape and emphasizes the ongoing impact of technological advancements on long-term resource projections.
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