Posted on 11/14/2011 2:17:27 PM PST by Fractal Trader
Anadarko Petroleum Corp. said that land it has leased in the Wattenberg oil field in northern Colorado may hold more than a billion barrels of recoverable oil and natural gas, in the latest sign that energy production in the U.S. is set to surge.
The disclosure could vault the Wattenberg onto a growing list of major new oil discoveries in the United States, joining the Bakken Shale in North Dakota and the Eagle Ford in South Texas. These new sources of oil are reversing four decades of declining domestic energy production.
What is making them possible are new technologies, including horizontal drilling of wells that start vertically and then turn to run horizontally through energy-rich rocks. Another key technology is hydraulic fracturing, which involves pumping millions of gallons of water and sand, along with chemicals, to break open deeply buried rocks and free oil and natural gas.
James Hackett, chairman and chief executive of Anadarko Petroleum, said he thinks current U.S. oil production could be doubled in the next 25 years.
"The resource is there and the technology is there," he said in an interview.
Echoing industry concerns, he says he is worried that anti-drilling sentiment could prevent this growth. The industry's use of hydraulic fracturing, in particular, has prompted concerns about pollution; the federal government and several states are studying whether new regulations on water use and air emissions are needed.
Anadarko is announcing that 11 recent wells in the Wattenberg have given it confidence that it can drill between 1,200 and 2,700 wells in northeast Colorado. It plans to drill about 160 wells next year.
Based on early results, it expects its wells will ultimately yield between 500 million and 1.5 billion barrels of oil, natural gas liquids, and natural gas.
(Excerpt) Read more at online.wsj.com ...
“land it has leased in the Wattenberg oil field”
Coors brewery used to own the Wattenberg field. Maybe they shouldn’t have sold it years ago.
The Obama admin will find a way to screw it up. Have no doubt.
‘Tis but the first day. Get back with them about three months later. Reservoirs with no matrix porosity and only fractures are characterized by steep decline rates.
That was a lonnnnnnnng time ago.
The biggest existing sister today is Exxon Mobil.
And they aren't any longer the largest oil company in the world.
They aren't even the 10th largest.
They are the 14th largest -- outsized by 13 national oil companies.
This is very close to a field in southeastern Wyoming that they have been drilling for the past two years, but it appears to be much larger.
Yes it is shale -related.
One of the seven sister of oil. They can now and will not let any oil flow out of the wells here in the USA in any large amounts.
-PJ
All I can say, besides the fact that I did not buy their stock, is “DRILL, BABY, DRILL”!!!
Sweet! My inheritance is secure . . . . once this idiot is out of office.
We all know Obama will do anything to keep American money in the $Billions flowing overseas. This is simply wealth redistribution.
You probably think Obama is loading the FED Gov't with minority hires because of wealth redistribution. Does he love the Muslims more than America?
The answer is obviously YES, he has helped put the Muslim Brotherhood in power in Egypt.
Obama illegally used the US Military to overthrow a governent in Libya and Sharia Law will soon rule that country.
Obama demanded Israel withdraw to pre-1967 borders, something that every Muslim knows will be the final move to destroying the Jews in Israel.
Everything Obama is for is anti-American. If Obama was a Muslim plant playing President, the most effective way his handlers could devise to destroy America is to employ the left to finish their destructive agendas.
The plan is then to continue on and fundamentally change America to a totally controlled Muslim country under sharia law. The conspirators are laying the groundwork every day as Americans sleep.
Most Americans smile when it is mentioned Obama is essentially a Muslim terrorist playing POTUS. They won't start to get it until the bombs start going off in a mall near you.
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