USGS announces Biggest Oil and Gas Field Ever in the USA

This is off-topic when it comes to LENR, but since we discuss a lot of things here connected with the big picture of energy, I thought this was worth mentioning.

The U.S. Geological Survey announced this week that they have determined that an area of west Texas known as the Wolfcamp shale of the Midland Basin, Permian Basin Province, contains 20 billion barrels of recoverable oil and 16 trillion cubic feet of recoverable natural gas.. This would make it the largest oil and gas field in the United States, three times larger than the Bakken Shale area of North Dakota which has produced huge amounts of oil and gas in recent years and contributed the the United States becoming the largest producer of oil and gas in the world.

New extraction techniques developed in recent years (fracking) have made much more oil and gas recoverable than was previously available, and this is what has made such a difference in US production.

In a statement from the USGS, Walter Guidroz, program coordinator for the USGS Energy Resources Program stated: “The fact that this is the largest assessment of continuous oil we have ever done just goes to show that, even in areas that have produced billions of barrels of oil, there is still the potential to find billions more.”

We’ve been discussing here lately the commitment of the upcoming Trump administration to develop US petroleum resources, and this find could play into this new push. Still, the oil and gas industry is susceptible to the boom and bust cycle, and more supply could push prices lower over time, and make the development of these resources unattractive economically.

Still, if LENR ever hits the market and is commercially competitive with petroleum (as I believe it has the potential to be), it’s possible that these vast oil and gas resources may remain largely undeveloped.

  • NCY

    Yes, Fracking is expensive, LENR could easily be cheap enough to drive fracking concerns below the point of profitability.

  • Zephir

    This finding is great as it would keep the price of Russian and Islamist oil low, but it wouldn’t apparently speed up the introduction of alternative technologies like the cold fusion. I would warn the USA against mindless exploitation of its natural reserves in this regard. USA will need the oil long time after the cold fusion and overunity technologies will be implemented – just for plastic and chemistry industry.

  • Omega Z

    ->”unseen forces”

    Most likely hard to resolve technical issues.

    For better then 10 years we’ve been promised ultra cheap OLED large video screen tecnology. While large sceens have finally arrived, they are not even close to being cheap. The transition from the lab to factory production has been fraught tech issues keeping the prices high.

    To have a marketable product, you need a high rate of dependability. If I need to build you 100 units to obtain only 1 or a few that work as intended, it isn’t of economical use.

    • attaboy

      I haven’t heard of technical issues of such magnitude as to cause this great a delay in commercialization.

  • pg

    Now we know how much oil and gas they are not going to extract in Texas.

  • Steve Swatman

    Well done, so you have no need to be bashing Mr rossi for his efforts, as you obviously have no Need of his work.

    In which case one wonders why you post such negative commentary.

    Most can wait a little longer though, In fact most of the worlds population have no choice but to wait.

  • C. Kirk

    Apache oil made a major discovery there and their calling it “The Alpine High play” forbes recently did an article on SEP 28, 2016 titled
    Apache Corp. Represents The Thorn That America’s Oil Frackers Have Stuck In The Side Of OPEC http://www.forbes.com/sites/christopherhelman/2016/09/28/apache-ceo-alpine-high-discovery-shows-how-to-survive-and-thrive-amid-the-oil-bust/#1ecd10a824a3

  • Steve Swatman

    As I remember the same people overestimated another giant oil and field by some 90% just a few years ago,

    Officials told the Los Angeles Times that previous estimates of recoverable oil in the Monterey shale reserves in California of about 15.4 billion barrels were vastly overstated. The revised estimate, they said, will slash this amount by 96% to a puny 600 million barrels of oil.

    • radvar

      That would be this. Fortunately, there is no subjective bias in science, so it must have been a rounding error somewhere.

      https://www.theguardian.com/environment/earth-insight/2014/may/22/two-thirds-write-down-us-shale-oil-gas-explodes-fracking-myth

      • Steve Swatman

        Coming two days after Obama and Merkel were calling for TTIP to be signed ASAP seems like too much like coincidence to me, coupled with all the new LNG shipping been built and LNG terminals on both sides of the Atlantic, it all seems a bit too convenient. But hey, it will not change whether the E-cat and Quark-X are real or if/when they come to market.

    • Omega Z

      20 billion barrels of Oil sounds so impressive.

      Until…. The world burns through 92 million barrels a day and increasing.
      92 x 365= 33,580,000,000

      Depending on the data used, there is 1.5 to 1.7 trillion barrels considered recoverable. Obviously, some will be found to not be recoverable and new discoveries will be made. Basically, these numbers haven’t changed in some time. Possibly, we have reached a peak recoverable oil supply.

      This provides about 40 years of oil, tho with demand continuing to increase, I expect the time to be less. It will become economically un-affordable for most much before even then.

      If LENR comes to market, it will take decades to replace all the energy needs. However, regardless of what replaces fossil energy, it will be a race against time.

      • Steve Swatman

        40yrs thats about 8x as long as Mr Rossi has been working on his projects and we already seem to have results, another 5yrs of investigation and refinement will not go amiss.

        I am not so sure oil will continue to increase in use so much, in fact I am pretty sure no knows if consumption will rise or fall over the next decade, the oil producers and market makers want consumption to rise and production to drop, but the reality is that consumption is dropping and production is been maintained or is rising. And of course this is direct market wars with the US and its Fracking and opening up its crude and light sweet to be sold on the world market.

        Also there are lots of technologies beginning to make an impression in oils markets here in the Netherlands 100’s of thousands of homes and buildings are earmarked to be setup to use waste industrial heat for heating with the intention to cut massively the use and reliance of fossil fuels, as a small example.

        The world is moving away oil and coal to some extent, just slowly.

        • Omega Z

          Oil production of approximate 92 million barrels a day. Oil demand of approximate 90 million barrels a day.

          Oil production exceeding demand by approximate 2 million barrels per day lead to the price collapse. Since the price collapse- Oil production increased to approximate 93 million barrels a day and Oil demand of approximate 92 million barrels a day.

          These numbers will vary by 1/2 to 1 million barrels a day dependent on the source, but what is consistent is the gap between supply and demand is decreasing. Barring an economic downturn and no further increase in production, demand is expected to meet or exceed current production levels by end of 2017. As long as the 3rd world continues to develop, there is no reason to expect demand not to continue to increase.
          ——————————————————————–
          ->”here in the Netherlands 100’s of thousands of homes and buildings are earmarked to be setup to use waste industrial heat for heating with the intention to cut massively the use and reliance of fossil fuels,”
          ——————————————————————–
          You may reduce your individual reliance on fossil fuels, but the world as a whole will not. I’m all for reducing waste, but- Human numbers increase by over 228,000 every 24 hours. We could teleport the Netherlands to a galaxy far far away and replace it’s population 5x over this year.

          Moving on, Regardless what replaces fossil fuels, LENR, Solar, Wind or whatever, it will take decades to transition. The world has both physical & financial limitations.

  • Christina

    It may not be a fairy tale as God takes care of us.

    Christina

    • radvar

      Sometimes perhaps just a little too mysteriously though.

  • Chris Marshalk

    The oil industry is keen/eager/greedy with squeezing every single cent out oil, while there is still a demand for it, at the expense of the environment & health. Psychopaths & Narcissistic personalities truly do run the world.

    As an individual, you can make a decision & difference by Going Green, Going Electric.
    Buy an Electric Car, buy an e-Cat, Quark X domestic product when it’s available, look at getting solar panel + battery pack. Times are changing slowly. My bets on Rossi to make the biggest impact.

    • John A.

      It is years now that Rossi keeps promising an imminent revolution, years, yet we are still not even sure he actually has something in his hands.
      I think that if we keep waiting for “his revolution” we will keep waiting for a very long time.

      You are right though, we must go green because the oil industry and ignorant politicians will not do it for us, they will actually go against it because, as you said, they are greedy bastards, psychopaths with no conscience beside their immediate gain… but please, lets stop believing in fairy tales… they will just delay us and our decisions and we can’t afford to wait any longer.

      • Steve Swatman

        We do not have to wait for Mr Rossi, we can start the revolution now.

        When/If Mr Rossi comes up with his inventions it will be decades before market penetration is making a difference, so rather than laying the blame on Mr Rossi’s shoulders we all do our parts today.

        Mr Rossi is doing his part or trying to do what he believes will help, not many others are doing that, what are you doing John.A