Monday, September 25, 2017

Permian "Super Basin" Holds Up To $3.3 Trillion In Untapped Oil -- Bloomberg; Peak Oil? What Peak Oil? -- September 25, 2017

Data points:
  • Permian Basin, Texas and New Mexico: 60 billion to 70 billion bbls of yet-to-be-pumped crude oil
  • enough to supply every refinery in the US for 12 years
  • $3.3 trillion market value at current prices
  • three-year study (so the data is already a bit old)
  • based on data from more than 400,000 wells
  • the estimate may grow as IHS geologists extend their analysis to deeper zones
  • the assessment may boost Pioneer's assertion that the Permian is a 75-billion-bbl field that may rival Saudi Arabi's massive Ghawar field
  • in November, 2016, the USGS estimated that just one layer of the Permian -- the Wolfcamp -- holds 20 billion bbls of crude (recoverable)
OPEC story. Link here. I don't have time to post data points now.

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