The Department of Interior has just discovered the largest U.S. oil and natural reserve ever.
The “Wolfcamp Shale and Bone Spring Formation contain 46.3 billion barrels of unrecovered oil and 281 trillion cubic feet of natural gas,” according to the DIO.
New Mexico and West Texas are sitting on a bonanza of potentially recoverable oil and gas reserves in the Delaware Basin that lies between the two Western states, the Department of the Interior announced Thursday.
Two underground layers in the Delaware known as the Wolfcamp Shale and Bone Spring Formation contain 46.3 billion barrels of unrecovered oil and 281 trillion cubic feet of natural gas, the DOI announced. That’s the largest oil and gas reserve the U.S. Geological Survey has ever discovered.
“Even for someone who understands the resources and potential of the Permian Basin, I can’t help but be surprised by the sheer enormity of what the USGS has reported,” New Mexico Oil and Gas Association Executive Director Ryan Flynn told reporters.
He added: “The Permian resources shared by New Mexico and Texas make this area one of the most important places in the world in terms of oil production.” Total reserves in the Delaware Basin could be far larger than reported.
The USGS only looked at the Wolfcamp and Bone Spring formations, or just two of the many layers of hydrocarbon-filled shale rock zones in the Permian Basin. Hydraulic fracturing is a hot-button issue in parts of New Mexico, especially among activists who believe the technique used to exact natural gas harms public health.