USGS reports Permian basin oil, gas estimates

Nick Snow
Washington Editor

WASHINGTON, DC, Mar. 4 -- There is roughly 40.58 tcf of undiscovered natural gas, 1.02 billion bbl of natural gas liquids, and 1.26 billion bbl of oil in the Permian basin, the US Geological Survey said.

Most of the gas (about 35.38 tcf) and gas liquids (about 785 million bbl) is in unconventional formations in the Delaware and Midland basins, USGS said in a publication released on Mar. 1. "Given that few wells have produced from these assessment units, there is significant geological uncertainty in these estimates," the agency said.

The remaining crude is more evenly divided between an estimated 747 million bbl of conventional resources and 510 million bbl from unconventional deposits, the report said.

The primary estimates were means of assessments using the total petroleum system concept which range from 5% to 95% probability. The study assessed the potential for technically recoverable resources in new field discoveries only and did not include field or reserve growth in conventional fields, USGS said.

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