7x Bakken

USGS: Permian’s Wolfcamp is largest potential oil and gas resource ever assessed

The region in the Permian’s western Delaware Basin holds more than twice as much oil as the largest previous assessment – the Wolfcamp shale in the Permian’s separate Midland Basin southeast of Midland. That study was completed two years ago.

To put the new results into perspective, the Delaware Basin’s Wolfcamp and Bone Spring plays would hold almost seven times as much oil as North Dakota’s Bakken shale.

The Wolfcamp shale and overlying Bone Spring in the Permian’s booming Delaware Basin hold an estimate 46.3 billion barrels of oil, 281 trillion cubic feet of natural gas, and 20 billion barrels of natural gas liquids, according to the U.S. Geological Survey’s new assessment.

USGS Press Release

10 thoughts on “7x Bakken

  1. Looking at the USGS map of the Delaware Basin and looking at the TPL Annual Report of 2017 they have the following in those counties All numbers are acres.

    TPL has the following
    Loving County 73,434.28 , 1/128th royalty on 6,106.66 and 1/16th royalty on 48,066
    Reeves county 185,722.64 acres, 1/128th royalty on 3,013, 1/16 royalty on 116,690.98
    Culberson county, 299,040.49 acres, 1/16 royalty on 111,513.14 acres.

    1/16 royalty on 276,270 acres. whoah.

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  2. Does anyone know what percentage of total U.S. oil production currently comes from the Permian? And what percentage of Permian oil production gets consumed in the U.S. vs being exported abroad? I have heard the U.S. consumes around 20 million barrels per day, but needs to import about 8 million of those barrels. if the USGS findings are accurate about the immense quantities, it begs the question of whether the U.S. (led by the Permian once the pipeline bottlenecks are solved) could eventually become totally self-sufficient… if the powers that be determine that strategy would be in the economy’s best interest.

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  3. Art Berman is quite smart but often very cynical so I take that for what it is. In 2017 he was saying Permian Basin reserves are smaller than we think so I’d expect a focused reaction like that. Which is all fine and helps me find balance… I’m not trying to discredit him, he is very well informed. Just wondering if he’s ever spoken directly about TPL? I’ve tried to search for it but can not find anything from him despite him being a prolific writer/speaker. I’d be interested to see his comments on TPL if any exist.

    Good thread of information going here, thanks all for contributing.

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