• 7 minutes Get First Access To The Oilprice App!
  • 11 minutes Japanese Refiners Load First Iran Oil Cargo Since U.S. Sanctions
  • 13 minutes Oil prices forecast
  • 17 minutes Renewables in US Set for Fast Growth
  • 4 hours Socialists want to exorcise the O&G demon by 2030
  • 20 hours Chinese FDI in U.S. Drops 90%: America's Clueless Tech Entrepreneurs
  • 19 hours Oceans "Under Fire" Of Plastic Trash
  • 2 days Is Natural Gas Renewable? I say yes it is.
  • 2 hours Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms
  • 14 hours Cheermongering about O&G in 2019
  • 2 days Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 6 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 21 hours Duterte's New Madness: Philippine Senators Oppose President's Push To Lower Criminal Age To 9
  • 2 days Making Fun of EV Owners: ICE-ing Trend?
  • 1 day North Sea Rocks Could Store Months Of Renewable Energy
  • 2 days Emissions from wear of brakes and tyres likely to be higher in supposedly clean vehicles, experts warn
  • 2 days Orphan Wells
Libya’s Oil Future Depends On This Huge Oil Field

Libya’s Oil Future Depends On This Huge Oil Field

Libya’s oil future hinges on…

Energy Transition Will Upend Geopolitics

Energy Transition Will Upend Geopolitics

A new report that surveys…

Will Monterey Shale Formation Revive the California Oil Boom?

The Midway-Sunset oil field was at the heart of California’s oil boom, and continues to produce oil to this day, yet up in the hills above this field lies the largely untouched Monterey Shale formation which could create a new oil boom in the Golden State.

Accounting for around two thirds of the US’s total estimated shale oil reserves and covering roughly 1,750 square miles of the Californian wilderness, the Monterey field is a true giant which could turn California into the largest oil producing state in the country.

The existence of oil in the Monterey formation has been known for decades, but due to the complex geological formation it has remained out of reach. Gabriel Garcia, an assistant field manager at the federal Bureau of Land Management said that, “everyone has known that there is shale oil not just in the Monterey Shale but also in North Dakota and Wyoming and all over the country. Back in the ‘70s, there were discussions that there’s all this oil and all we’ve got to do is get it. Now 40 years later, the technologies have become available to actually get it in a cost-effective way.”

Related article: Why has US Oil Consumption Steadily Fallen since 2004?

Unlike fields such as Midwat-Sunset where the oil deposits are located less than 2,000 feet below the surface, the shale oil in the Monterey Shale formation is between 6,000 and 15,000 feet down.

Oil companies are rushing into the area and setting up offices in Bakersfield, all keen of the possibility of tapping into Monterey’s vast oil riches. Garcia noted that they have noticed far more interest in land leases over the past few years, which has seen prices soar. “Some of that has to do with speculation on new technologies, and some of that has to do with the high price of oil.”

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News