Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Texas and New Mexico shale basins hold 49 years worth of oil: USGS

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/06/2018 | 05:10pm EDT
A pump jack operates in the Permian Basin oil and natural gas production area near Midland

HOUSTON (Reuters) - The largest oil field in the United States holds as much as 49 years worth of oil at current production rates, according to data from a report released on Thursday by the U.S. Geological Survey (USGS).

In its first assessment of the Delaware portion of the Permian shale field that spans west Texas and New Mexico, the USGS, which is part of the U.S. Department of the Interior, said it contains about 46.3 billion barrels of oil and 281 trillion cubic feet of natural gas.

The government estimates include all underground shale oil and gas that is technically recoverable but may not be economic to extract at current prices.

The estimate is twice the size of the country's next largest shale reserve - the Midland Basin - another portion of the Permian. In 2016, that was found by the USGS to have about 20 billion barrels of oil and 16 trillion cubic feet of natural gas.

Survey results "demonstrate the impact that improved technologies such as hydraulic fracturing and directional drilling have had on increasing the estimates," said Walter Guidroz, an official in the USGS Energy Resources Program. Hydraulic fracturing forces water and sand underground at high pressure to free oil and gas trapped in shale rock.

The Permian Basin, which includes both shale regions, is expected to pump 3.7 million barrels of crude oil per day this month, up 30 percent from a year ago, according to the U.S. Energy Information Administration.

The Delaware and Midland basins combined would take 49 years to produce if all the oil was profitable to recovery, according to the EIA figures.

(Reporting by Jennifer Hiller, Editing by Rosalba O'Brien)

By Jennifer Hiller

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
05:22pBrazil Cuts 2019 Economic Growth Forecast
DJ
05:17pNEXT ROUND OF U.S. TARIFFS ON CHINA AT LEAST A MONTH AWAY : Mnuchin
RE
05:16pNEWS HIGHLIGHTS : Top Global Markets News of the Day
DJ
05:16pNEWS HIGHLIGHTS : Top Company News of the Day
DJ
05:15pCommunications Services Flat as Traders Hedge on Huawei Outlook -- Communications Services Roundup
DJ
05:05pMINISTRY OF INDUSTRY COMMERCE AGRICULTURE AND FI : Hon. Audley Shaw greets Regional Vice-President Georgina Baker
PU
05:05pMINISTRY OF INDUSTRY COMMERCE AGRICULTURE AND FI : Hon. J.C. Hutchinson greets Regional Vice-President Georgina Baker
PU
05:05pMINISTRY OF INDUSTRY COMMERCE AGRICULTURE AND FI : Regional Vice-President Georgina Baker presents Minister Audley Shaw with a gift
PU
05:03pUtilities Up as Treasury Yields Slide -- Utilities Roundup
DJ
04:59pGM faces pushback on U.S. self-driving vehicle plan
RE
Latest news "Economy & Forex"
Advertisement