Friday, November 18, 2016

3 comments:

rjs said...

re: The largest oil deposit ever found in America was just discovered in Texas

they'd better find another one next year - the 20 billion barrels of oil in the Wolfcamp shale is only about 210 days worth of global oil consumption...

ReserveGrowthRulz said...

The Wolfcamp has been known about for like, FOREVER, and has already been produced with thousands of wells, if memory serves. You mistake those formations that the USGS has assessed with all formations.

And the USGS has a habit of underestimating, so when they redo the Wolfcamp in a decade, it will probably be larger, just as the Marcellus and Bakken were.

And no one cares about the value of 20 billion barrels in global consumption rates when the USGS has also assessed 500+ billion in both the Orinoco and global yet to find conventional oil, let alone the international shales they haven't done yet, like the Bazhenov.

rjs said...

well, i assumed we all knew that business insider writes clickbait headlines, and that "just discovered" was nonsense...the USGS assessment was based on over 3000 horizontal wells that had already been drilled and completed in the Wolfcamp...my snarky comment was just to put that "largest oil deposit ever found in America" in perspective, not to suggest that the Wolfcamp would necessarily contribute to global oil consumption over any given period...