Re­port iden­ti­fies promis­ing new oil, gas re­gion in U.S.

Lethbridge Herald - - BUSINESS | AGRICULTURE - Su­san Mon­toya Bryan

Some of the largest en­ergy com­pa­nies in the U.S. have al­ready in­vested bil­lions of dol­lars on claims up and down the Tex­as­New Mex­ico state line, tap­ping one of the na­tion’s rich­est and most pro­lific oil and nat­u­ral gas re­gions.

Now the stakes just got higher, as the U.S. Ge­o­log­i­cal Sur­vey re­leased a new as­sess­ment Thurs­day that shows por­tions of the Per­mian Basin could hold even more prom­ise.

With the po­ten­tial to dou­ble the na­tion’s on­shore oil and gas re­sources, the agency es­ti­mates more than 46 bil­lion bar­rels of oil and some 280 tril­lion cu­bic feet of gas are within two for­ma­tions on the south­west­ern side of the basin. That’s the largest con­tin­u­ous oil and gas re­source po­ten­tial ever as­sessed.

While agency ge­ol­o­gists cau­tion that more study would be needed to de­ter­mine the prof­itabil­ity of go­ing af­ter the re­sources, in­dus­try groups and top of­fi­cials within the Trump ad­min­is­tra­tion are en­cour­aged and say the as­sess­ment un­der­scores the ac­tiv­ity that’s al­ready hap­pen­ing in the basin.

“Be­fore this as­sess­ment came down, I was bullish on oil and gas pro­duc­tion in the United States,” In­te­rior Sec­re­tary Ryan Zinke said in a state­ment. “Now, I know for a fact that Amer­i­can en­ergy dom­i­nance is within our grasp as a na­tion.”

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.