The Austin Chalk and Tokio and Eutaw Formations of the Gulf Coast Basin contain a mean of 6.9 billion barrels of oil and 41.5 trillion cubic feet of natural gas according to a new assessment by the U.S. Geological Survey. In comparison, the U.S. Energy Information Administration estimates that the United States used 7.5 billion barrels of petroleum products in 2019.
“While the Trump administration continues to develop and expand renewable energy resources, fossil fuels remain a mainstay of the U.S. economy and essential for the continued functioning of industry and in our daily lives. Texas is the state that just keeps on giving when it comes to oil and gas,” said USGS Director Jim Reilly. “Our assessment shows what can be accomplished through advances in technology by industry and the hard work our scientists put in to understanding the geology of petroleum systems in Texas.”
This estimate is for undiscovered, technically recoverable petroleum resources. Undiscovered resources are those that are estimated to exist based on geologic knowledge and statistical analysis of known resources. 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 by the USGS.
(Source and image: USGS – USGS technicians at the USGS Gulf Coast #4 Bonham borehole in preparation for geophysical logging of the Austin Chalk Group and the Eagle Ford Group mudstones, Fannin County, Texas/Stan Paxton)