Posted on 11/16/2016 5:58:32 AM PST by McGruff
In a troubled oil world, the Permian Basin is the gift that keeps on giving.
One portion of the giant field, known as the Wolfcamp formation, was found to hold 20 billion barrels of oil trapped in four layers of shale beneath West Texas. That’s almost three times larger than North Dakota’s Bakken play and the single largest U.S. unconventional crude accumulation ever assessed, according to the U.S. Geological Survey. At current prices, that oil is worth almost $900 billion.
The estimate lends credence to the assertion from Pioneer Natural Resources Chief Executive Officer Scott Sheffield that the Permian’s shale could hold as much as 75 billion barrels, making it second only to Saudi Arabia’s Ghawar field. Irving-based Pioneer has been increasing its production targets all year as drilling in the Wolfcamp produced bigger gushers than the company’s engineers and geologists forecast.
(Excerpt) Read more at star-telegram.com ...
Frack, baby, Frack!
see my tagline!
Can some academic out there give me a “Peak oil” lecture?
Crickets.
Loving it, West Texas! But just think, all of that oil is valued at LESS than the money El Bozo spent on “shovel ready projects” in his ‘09 stimulus bill that simply disappeared to his cronies. Amazing. All we saw were a few dozen Obama Project signs that were put up as some potholes were repaired in a few Democrat cities. Shame on the Republicans that didn’t raise hell about such a theft from the taxpayers of this country.
There are probably all kinds of such formations all over the globe. Not all geologic formations can be conducive to oil, but many, man can and Earth is still a big planet.
The idea of peak oil now being reached is a lie.
LOL
It’s about time we told those oil countries to go pound sand - literally.
Mojo (Odessa - Permian High School) team color?
Black (of course!)
R U on this brother?
Of course it is. All that oil money buys, er, I mean allows the best players to play there. My best high school memory was Euless Trinity beating Odessa and the Mojo hype :)
With modern technology, it is also pumping at a cost that allows profits even at $40 per barrel. Plus a bunch of natural gas and volatiles.
Add in ~4000 windmills scattered around West Texas, and one day Texas might get a reputation for energy know how.
The question is, "When?". If it's tomorrow, that's a problem. If it's 10,000 years in the future, who cares? We'll have found better energy resources by then.
Personally, I lean towards the distant future, as pertains to "Peak Oil". But "there might be a problem, maybe, in 500 to 1000 years" doesn't sell as many newspapers as "Crisis! Panic!!".
I think if Trump is serious about taking down the oligarchs we could see $1.00 per gallon gas in a relatively short time and we could collapse the funding to ISIS. It’s a win\win. I hear US oil experts say “Well at $25 per barrel its not worth drilling”. Boohooo, innovate and reduce costs. I know drilling is a hazardous vocation but paying a guy $50 per hour to lift steel pipe and push buttons...ummm does not compute, they are simply not worth that much. The domestic oil industry needs to innovate, reduce costs and that includes labor costs. Just like every other industry.
Peak oil is a myth. We are drowning in oil all over. Are the big, close the surface, sweet crude lakes of oil hard to find now, absolutely but we have 100’s of years at current consumption of all kinds of fossil fuels, including tar sands, fracking, natural gas, coal. This was always a war on prosperity. It always boils down to control
:: we could see $1.00 per gallon gas ::
I don’t agree. My career is in the O&G industry and, seriously, $1/gal gasoline is not on the radar for our industry.
That does not mean that the O&G industry is “gouging” the market but is rather pricing the market according to the demand; such that they will make profit and provide their shareholders benefits.
In these next four years, I would recommend the BIG FOUR of O&G production shares.
I am NOT a market specialist, y’all make your own decisions.
Agree 100%!
Personally, I think oil will still be in the ground when the last man on Earth dies.
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