Oil opportunity in Oklahoma

04/20/2009
The chance to recover billions of barrels of oil that remain in Oklahoma fields represents geological, engineering, and statistical challenges to oilmen willing to take risks.Most emphasis in the state the past 20 years has been on natural gas, especially in shales, but the oil is still there, somewhere, writes Dan T. Boyd, a geologist with the Oklahoma Geological Survey.The prize: Boyd estimates the state’s thousands of oil fields will ultimately yield only 19% of the more than 84 billion bbl of original oil in place at present decline rates.“Every 1% of the remaining oil in place represents a staggering 680 million bbl of incremental recovery,” Boyd wrote. Indications ...
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