 |
Louisiana Light • 4 days | 74.01 | +1.62 | +2.24% | ||
|
Bonny Light • 22 hours | 76.56 | +1.37 | +1.82% | ||
|
Opec Basket • 4 days | 73.35 | +0.56 | +0.77% | ||
|
Mars US • 5 hours | 71.80 | +0.41 | +0.57% | ||
|
Gasoline • 12 mins | 2.532 | +0.007 | +0.29% |
|
Bonny Light • 22 hours | 76.56 | +1.37 | +1.82% | ||
|
Girassol • 22 hours | 78.87 | +1.84 | +2.39% | ||
|
Opec Basket • 4 days | 73.35 | +0.56 | +0.77% |
|
Peace Sour • 21 hours | 65.99 | +1.64 | +2.55% | ||
|
Light Sour Blend • 21 hours | 67.29 | +1.64 | +2.50% | ||
|
Syncrude Sweet Premium • 21 hours | 76.24 | +1.64 | +2.20% | ||
|
Central Alberta • 21 hours | 65.59 | +1.64 | +2.56% |
|
Eagle Ford • 4 days | 68.22 | +1.64 | +2.46% | ||
|
Oklahoma Sweet • 4 days | 68.25 | +1.75 | +2.63% | ||
|
Kansas Common • 4 days | 62.00 | +3.75 | +6.44% | ||
|
Buena Vista • 14 days | 76.15 | -1.09 | -1.41% |
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New Shale Formation in West Texas could Dwarf the Bakken
The US shale boom has led some to predict that it will overtake Saudi Arabia as world’s largest oil and gas producer by 2020, thanks to the massive reserves found in plays such as the Bakken Shale of North Dakota, the Marcellus Shale in New York, and the Eagle Ford Shale in Texas; even the newly discovered Tuscaloosa Shale formation in Louisiana holds large potential.
However there is a new shale formation that has been discovered in West Texas which could dwarf all others being drilled in the US at the moment.
The play is known as the Cline Shale play and has been discovered in the Permian Basin.
Related article: Are There Really Benefits to U.S. LNG Exports?
John Breyer a geologist at Marathon Oil Corp.(NYES: MRO) said that this new discovery could dwarf anything that exists in North Dakota. Ken Morgan, the director of the Texas Christian University Energy Institute, stated that, “it’s like the Eagle Ford on steroids. They haven't even begun. We're just in the toe of this thing.”
Both Devon Energy Corp. (NYSE: DVN) and Chesapeake Energy Corp. (NYSE: CHK)have reported exciting results from exploratory drills in the region. Devon’s tests showed that around 3.6 million barrels of oil could be recovered per square mile, and as the Cline formation covers roughly 9,800 square miles it gives an estimated reserve of more than 30 billion barrels. A fair bit more than the 4.3 billion in the Bakken, or the 3 billion barrels in the Eagle Ford plays.
By. Charles Kennedy of Oilprice.com
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Open57.81
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more accident on these ruff Highway to keep our business goal intact we should also invest
on updating the road and highway in WTX 298 people lost there life on these road so far this year Dec 2018
I would much rather have all of our resources from with the North American Continent, but if it endangers the lives of the common people, maybe it is better to keep oil from elsewhere.
Since then, from actual production results and much more data, that number is far less than what is being estimated.
None other than Harold Hamm, the chairman, CEO, and founder of Continental Resources, the largest lease holder in the Bakken has recently stated that he sees 24 bil+ barrels of recoverable oil.
He ought to know. He has been in the oil business for more than 40 yrs and drilled his first well, at 25, in 1971.
As for the Cline formation, that's no more than a maybe. A couple of exploratory wells doesn't mean diddle widdle.