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.

Contact Nick Snow at nicks@pennwell.com.

Related Articles

BLM finalizes oil shale regulations; leasing unlikely for 5-10 years

11/28/2008 The US Bureau of Land Management published final regulations on Nov. 17 to establish a commercial oil shale development program on public lands in ...

'Alaska's methane hydrates can be developed now'

11/28/2008 US Sen. Lisa Murkowski (R-Alas.), on Nov. 12 in response to a US Geological Survey report indicating that up to an additional 157.8 trillion cubic ...

USGS estimates 2.4 Tcf of gas lies beneath eastern Oregon, Washington

10/31/2008 An estimated 2.4 trillion cubic feet of natural gas and 9.8 million bbl of natural gas liquids lie beneath eastern Oregon and Washington, the US Ge...

DOE successfully generates electricity from producing well's hot water

10/24/2008 Electricity has been generated successfully from a producing oil well's geothermal hot water for the first time, the US Department of Energy's Foss...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected