The Permian Basin Wolfcamp formation has been assessed by the U.S. Geological Survey as the biggest US shale oil field. Star-Telegram News/Business Article
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.
To put this in perspective, Irving-based Pioneer Natural Resources CEO Scott Sheffield says that the Permian’s shale could hold as much as 75 billion barrels, making it second only to Saudi Arabia’s Ghawar field – the world’s largest conventional oil field. GregCroft Inc. The Ghawar Oil Field
In addition to oil, the U.S. Geological Survey says the Wolfcamp shale also holds 16 trillion cubic feet of natural gas and 1.6 billion barrels of gas liquids.
Such assessment as brought oil explorers to the Perminian Basin in West Texas and New Mexico as the oil found there is so rich that extraction can be profitable even in these days of lower oil prices.
This is wonderful news. And hopefully the incoming administration will let this nation take advantage of this energy bounty as part of making this nation energy independent.