The US Geological Survey (USGS) said that it assessed in Texas the largest oil deposit ever discovered in the country, the agency announced this week. The USGS says an estimated 20 billion barrels of oil, 16 trillion cubic feet of associated natural gas and 1.6 billion barrels of natural gas liquids were located in the Wolfcamp shale in the Midland Basin area of the Permian Basin province in west Texas. The discovery is valued at $900 billion, based on the current West Texas Intermediate $45 per barrel price. This is the largest deposit ever found in the United States and is three times bigger that the one in the North Dakota Bakken-Three Forks oilfields assessed in 2013. "The fact that this is the largest assessment of continuous oil we have ever done just goes to show that, even in areas that have produced billions of barrels of oil, there is still the potential to find billions more," said Walter Guidroz from the USGS Energy Resources Program.
Nov-18-2016, 22:05:04 GMT