Saturday, December 8, 2018

BREAKING: Game-changer for U.S. Oil Independence Found in West Texas!

The U.S. oil boom and move towards U.S. Oil independence under the Trump presidency just scored another win.

On Thursday, the United States Department of Interiors announced that they have just found the largest oil and gas resource ever discovered.

KWTX reported that 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.

From Breitbart

The U.S. Department of the Interior announced Thursday the Permian Basin’s Wolfcamp shale and Bone Spring formation spanning parts of West Texas and eastern New Mexico hold the largest potential oil and gas resources ever discovered. Federal surveyors note the Bone Spring plays could offer roughly seven times the amount of oil as the Bakken shale in North Dakota.

In a new assessment, the U.S. Geological Survey (USGS) estimated these untapped regions in the Delaware Basin of the Permian contained 46.3 billion barrels of oil, 281 trillion cubic feet of natural gas, and 20 billion barrels of natural gas liquids, more than two times larger than its 2016 assessment of the Wolfcamp shale play in the Permian’s Midland Basin.

“Christmas came a few weeks early this year,” said U.S. Secretary of the Interior Ryan Zinke in a prepared statement. “American strength flows from American energy, and as it turns out, we have a lot of American energy.” Zinke added, “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.”

The Delaware Basin estimate is for continuous (unconventional) oil comprised of undiscovered and technically recoverable resources, according to the USGS. This means, typically they can extract the liquids through slant drilling and hydraulic fracturing (fracking). Currently, energy companies are producing oil in the region using traditional vertical well technology and horizontal drilling, as well as fracking.

“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,” said USGS Director Dr. Jim Reilly. “Today, thanks to advances in technology, the Permian Basin continues to impress in terms of resource potential.”

d other geologic formations in West Texas and southeastern New Mexico. The Delaware consists of roughly 10,000 square miles that span five Texas counties and three New Mexico counties. It is one of the most productive areas for oil and gas in the nation.

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