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Topic: Well, That About Wraps It Up for the Earth (as we knew it) (Read 477 times) previous topic - next topic

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Well, That About Wraps It Up for the Earth (as we knew it)
Huge deposit of untapped oil could be largest ever discovered in US
Quote
The USGS estimated that 20bn barrels of oil was contained within layers of shale in the Permian Basin, a vast geological formation that stretches across western Texas and an area of New Mexico. The discovery is three times larger than the Bakken oilfields of North Dakota and is worth around $900bn.

The enormous deposit, in the Midland Basin Wolfcamp shale area that includes the cities of Lubbock and Midland in Texas, is the largest continuous oilfield ever discovered by the USGS. The area also includes 16tn cubic feet of natural gas and 1.6bn barrel of natural gas liquids.

"The fact that this is the largest assessment of continuous oil we have ever done just goes to show that, even in areas that have produced billions of barrels of oil, there is still the potential to find billions more," said Walter Guidroz, program coordinator for the USGS energy resources program.

This nearly doubles US oil reserves.

  • osmanthus
  • Administrator
  • Fingerer of piglets
Re: Well, That About Wraps It Up for the Earth (as we knew it)
Reply #1
Yeah I saw that. Makes me wonder what the fuck they think they can do with it.
Truth is out of style

  • MikeB
Re: Well, That About Wraps It Up for the Earth (as we knew it)
Reply #2
Hopefully not burn it all but reserve it for gradual materials engineering use by future generations.

Re: Well, That About Wraps It Up for the Earth (as we knew it)
Reply #3
Yeah I saw that. Makes me wonder what the fuck they think they can do with it.
It's almost all unavailable to vertical drilling too.
Love is like a magic penny
 if you hold it tight you won't have any
if you give it away you'll have so many
they'll be rolling all over the floor

  • SR-71
  • Schmewbie
Re: Well, That About Wraps It Up for the Earth (as we knew it)
Reply #4
Putting it in perspective, 20 bbl is enough to meet current world demand for about eight months or US demand for 7 years. 

  • SR-71
  • Schmewbie
Re: Well, That About Wraps It Up for the Earth (as we knew it)
Reply #5
I think  I did it wrong.  It only meets US demand for about 3.6 years. 

  • osmanthus
  • Administrator
  • Fingerer of piglets
Re: Well, That About Wraps It Up for the Earth (as we knew it)
Reply #6
It's still shit we shouldn't burn.
Truth is out of style

  • SR-71
  • Schmewbie
Re: Well, That About Wraps It Up for the Earth (as we knew it)
Reply #7
The impression I get is that we would have to be pretty hard up to go to the trouble.  The ability of the oil to flow through the rock medium is very poor.  The unit is Darcies, and from what I gather this is in the nano Darcy range where we would normally prefer micro or milli Darcy.

  • ksen
Re: Well, That About Wraps It Up for the Earth (as we knew it)
Reply #8
How did they not already know about this huge deposit?

Re: Well, That About Wraps It Up for the Earth (as we knew it)
Reply #9
Shale deposits used to not be considered accessible so they probably never mapped its boundaries.
Love is like a magic penny
 if you hold it tight you won't have any
if you give it away you'll have so many
they'll be rolling all over the floor

Re: Well, That About Wraps It Up for the Earth (as we knew it)
Reply #10
Although, this does improve the leverage we might have in some future plan to kick Texas out of the us. Look guys, they'll be fine. they have all that oil.
Love is like a magic penny
 if you hold it tight you won't have any
if you give it away you'll have so many
they'll be rolling all over the floor

Re: Well, That About Wraps It Up for the Earth (as we knew it)
Reply #11
It does make me wonder about Colorado though. Iirc, it has one of the largest in volume shale formations in the world and it has lots of oil in it. Is there already lots of fracking going on there? Paging MikeS. How big is/are the Colorado deposits?
Love is like a magic penny
 if you hold it tight you won't have any
if you give it away you'll have so many
they'll be rolling all over the floor

  • SR-71
  • Schmewbie
Re: Well, That About Wraps It Up for the Earth (as we knew it)
Reply #12
How did they not already know about this huge deposit?

It's complicated.  They have and they haven't.  They do and they still don't.  Some wells have already produced and some don't even exist.

I think this is a good take.

http://www.forbes.com/sites/arthurberman/2016/11/20/permian-giant-oil-field-would-lose-500-billion-at-todays-prices/#3dec07189dbc

Quote
Read the source-the U.S. Geological Survey.  The USGS did an assessment of the undiscovered, technically recoverable resources of the Wolfcamp shale in the Permian basin.

"Undiscovered" means what it says-it has not been discovered. It's an estimate, an educated guess. "Technically recoverable resources" means the oil that could be produced if cost didn't matter.

Definitions are important in this.  Technically recoverable, resource, reserve...  they don't mean what they sound like they mean.
  • Last Edit: November 21, 2016, 10:40:48 AM by SR-71

  • MikeS
Re: Well, That About Wraps It Up for the Earth (as we knew it)
Reply #13
It does make me wonder about Colorado though. Iirc, it has one of the largest in volume shale formations in the world and it has lots of oil in it. Is there already lots of fracking going on there? Paging MikeS. How big is/are the Colorado deposits?
Niobrara Shale Play







So Niobrara and Piceance Basin are the big plays at the moment.  The lower edge is the top of a play in New Mexico.

The geology is challanging, but costs per well are comparable to Bakkan and West Texas.






Re: Well, That About Wraps It Up for the Earth (as we knew it)
Reply #14
Thanks. I wonder what fracking does to the water table on a mountain range.
Love is like a magic penny
 if you hold it tight you won't have any
if you give it away you'll have so many
they'll be rolling all over the floor

  • MikeS
Re: Well, That About Wraps It Up for the Earth (as we knew it)
Reply #15
Thanks. I wonder what fracking does to the water table on a mountain range.
If you look on the tables, most of the well depths are 8,000 feet or deeper.  Most aquifers that impact the surface water table are less than 500 feet with some structures reaching lower to 2,000 feet or more.  I can't imagine much of a surface impact other than small earthquakes.

e.g.
Quote
The depth to the water table of the Ogallala Aquifer varies from actual surface discharge to over 150 meters (500 feet). Generally, the aquifer is found from 15 to 90 meters (50 to 300 feet) below the land surface. The saturated thickness also varies greatly.
Quote
The Floridan aquifer is found beneath all of Florida and portions of Alabama, Georgia and South Carolina, and extends into the Gulf of Mexico and the Atlantic Ocean. The Floridan aquifer averages 1,000 feet thick, and freshwater can extend to a depth of 2,000 feet below land surface.