US says Colorado has 40 times more natural gas than thought

[Smokin Joe]

US says Colorado has 40 times more natural gas than thought
http://www.pennenergy.com/articles/pennenergy/2016/06/us-says-colorado-has-40-times-more-natural-gas-than-thought.html?cmpid=EnlWeeklyPetroJune102016&eid=288225004&bid=1429725

DENVER (AP) — Western Colorado has 40 times more natural gas than previously thought, but an immediate boom is unlikely because of low gas prices, government and industry experts said Wednesday.

The U.S. Geological Survey said the Mancos Shale formation in Colorado's Piceance (PEE'-yahns) Basin holds about 66.3 trillion cubic feet of gas, up from 1.6 trillion estimated in 2003.

USGS cited data from commercial drilling companies and new research for the revision.

A trillion cubic feet of natural gas is enough to heat 15 million homes for a year, the U.S. Energy Department says.

David Ludlam, executive director of the West Slope Colorado Oil and Gas Association, said he doesn't expect a rush to drill in western Colorado because current natural gas prices are too low. If prices rise significantly, companies would likely begin drilling, he said.

The U.S. also needs more facilities to export natural gas to Pacific nations....

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