USGS: EAGLE FORD HOLDS 8.5 BILLION BARRELS OF UNDISCOVERED OIL
The Eagle Ford Group of Texas contains estimated means of 8.5 billion barrels of oil, 66 trillion cubic feet of natural gas, and 1.9 billion barrels of natural gas liquids, according to a new assessment by the U.S. Geological Survey (USGS). This estimate consists of undiscovered, technically recoverable resources in continuous accumulations.
“Texas is so well-known for its history of oil and gas production that it’s almost synonymous with petroleum,” said Dr. Jim Reilly, USGS Director. “Texas continues to remain in the forefront of our Nation’s energy supply chain with remarkable increases in production and reserves due to the revolutionary unconventional techniques used to release previously unrecoverable resources.”
Continuous oil and gas is dispersed throughout a geologic formation rather than existing as discrete, localized occurrences, such as those in conventional accumulations. Because of that, continuous resources commonly require special technical drilling and recovery methods, such as hydraulic fracturing.
Undiscovered resources are those that are estimated to exist based on geologic knowledge and statistical analysis of known resources, while technically recoverable resources are those that can be produced using currently available technology and industry practices. Whether or not it is profitable to produce these resources has not been evaluated.
The USGS is the only provider of publicly available estimates of undiscovered technically recoverable oil and gas resources of onshore lands and offshore state waters. The USGS assessment of the Eagle Ford Group was undertaken as part of a nationwide project assessing domestic petroleum basins using standardized methodology and protocol. (Source and image: USGS/USGs scientific coring rig)
- TOTAL REPORTS IMPORTANT DISCOVERY IN THE OUTENIQUA BASIN OFFSHORE SOUTH AFRICA 07th February 2019
- NEW OIL DISCOVERIES OFFSHORE GUYANA AT TILAPIA AND HAIMARA WELLS 07th February 2019
- THE WORLD’S MOST POPULATED CITIES IN 2035 02nd February 2019
- EXXONMOBIL LEADER OF THE OIL AND GAS EXPLORERS IN 2018 01st February 2019
- OCEAN GREATWHITE WORLD’S LAGEST DRILLING SEMI-SUBMERSIBLE ARRIVES AT KISHORN PORT 18th January 2019