The Briefing Room
General Category => Economy/Business => Topic started by: Cincinnatus on February 04, 2013, 06:32:54 am
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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.
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.”
http://oilprice.com/Latest-Energy-News/World-News/New-Shale-Formation-in-West-Texas-could-Dwarf-the-Bakken.html
The sheer enormity of these shale findings and their implications for the American economy and our oil independence shows clearly why the enviros are so dead set against fracking.
You can bet these chicken littles will make little headway in Texas, especially in West Texas where the Permian Basin is located. They will have to depend of federal action so watch for it.
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:silly: :silly: :thud:
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Good luck to them. That's "Friday Night Lights' country, where football and oil are the laws of the land.
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Don't get your hopes too high yet. Natural gas prices can only go so low before it becomes uneconomical to retrieve it, especially in relatively high-cost methods like hydraulic fracturing.
The good news is that with all of these newly discovered deep-layer oil fields, we should have the capability to fuel the nation for many decades to come, even after peak oil.
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Don't get your hopes too high yet. Natural gas prices can only go so low before it becomes uneconomical to retrieve it, especially in relatively high-cost methods like hydraulic fracturing.
The good news is that with all of these newly discovered deep-layer oil fields, we should have the capability to fuel the nation for many decades to come, even after peak oil.
My massage therapists son works the ND fields and told his mom they have found another site in the Baken as big as the shale they are currently drilling.