A recent assessment by the U.S. Geological Survey (USGS) has revealed significant oil deposits in Texas’ Permian Basin. This discovery suggests that the region holds enough resources to meet the energy demands of the entire nation for an extended period.
Undiscovered Oil and Gas Reserves in Texas
The USGS report identified approximately 28.3 trillion cubic feet of natural gas and 1.6 billion barrels of oil in the Woodford and Barnett shales. These resources are considered technically recoverable, illustrating the substantial potential of the area.
Key Findings of the Assessment
- Total Natural Gas: 28.3 trillion cubic feet.
- Total Oil: 1.6 billion barrels.
- Potential Duration of Supply: Ten months of gas and ten weeks of oil at current consumption rates.
Since their initial production in the late 1990s, the Woodford and Barnett shales have yielded around 26 million barrels of oil. This quantity only represents a single day of U.S. oil consumption.
Technological Advancements and Future Potential
According to the USGS, these newly identified deposits were previously inaccessible due to depth and technological limitations. With advancements in extraction technology, the industry is now equipped to explore these promising reserves.
Statements from USGS
Ned Mamula, the USGS director, emphasized the importance of these findings. “The U.S. economy and our way of life depend on energy,” he stated. He underscored that these assessments reveal considerable undiscovered resources, particularly in the Woodford and Barnett shales.
This assessment marks a significant milestone for the energy landscape in Texas, highlighting the region’s vital role in meeting national energy needs.
