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Permian’s Wolfcamp formation called biggest shale oil field in U.S.

Wednesday, November 16, 2016 17:17
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Via Billy

Big oil discoveries in shale formations have made the Permian Basin in West Texas the hottest oil play in the U.S. despite low oil prices.

In a troubled oil world, the Permian Basin is the gift that keeps on giving.

One portion of the giant field, known as the Wolfcamp formation, was found to hold 20 billion barrels of oil trapped in four layers of shale beneath West Texas. That’s almost three times larger than North Dakota’s Bakken play and the single largest U.S. unconventional crude accumulation ever assessed, according to the U.S. Geological Survey. At current prices, that oil is worth almost $900 billion.

Read more here: http://www.star-telegram.com/news/business/article114931993.html#storylink=cpyMore @ Star-Telegram

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