Agency Discovers 20 Billion Barrels of Oil, 16 Trillion Cubic Feet of Natural Gas in Texas

The U.S. Geological Survey discovered that the Wolfcamp Shale in West Texas could yield 20 billion barrels of oil and 16 trillion cubic feet of natural gas.

A statement was released from the agency on Tuesday about the finding in the Midland area of the Permian Basin, one of the most productive regions for oil and gas in America.

According to reports by The Associated Press, the discovery is three times larger than the shale oil discovered in 2013 in the Bakken and Three Forks formations in North and South Dakota and Montana.

In order to extract the oil trapped in the shale, drillers will have to use more advanced tactics, such as hydraulic fracturing, to obtain it.

Source:
PennEnergy