Vets4Energy recently highlighted the
abundance of the Permian Basin, located in Texas and New Mexico, including a
recent U.S. Geological Survey assessment of a shale rock field in West Texas
that could potentially yield 20 billion barrels of oil.
The Permian Basin also includes natural gas
resources, like the Wolfcamp Shale formation, which has an estimated yield of
16 trillion cubic feet of natural gas and 1.6 billion barrels of natural gas
liquids.
These discoveries make the formations
larger than those found in the Dakotas and Montana in 2013 and have the
potential to significantly increase the output from the area around the Wolfcamp
Shale, which is already one of the most productive oil and gas regions in the
U.S.
While shale rock is unconventional in the
sense that it requires advanced drilling or recovery methods as compared to
more traditional oil fields, the increasing prevalence of advanced methods -- like hydraulic fracturing and horizontal drilling -- makes the basin the
dominant onshore platform for oil production, according to Rice University
Professor Ken Medlock, director of an energy studies program.
Medlock likened the news of the production potential of the shale fields to
the birth of a new Permian Basin.
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