America’s largest oil deposit found in Texas

America’s largest oil deposit found in Texas

Texas is now the site of the country’s largest oil deposit ever discovered, it was announced by the United States Geological Survey recently.

The site at Wolfcamp in West Texas alone is estimated to contain 20 billion barrels of oil, with the wider basin likely to contain 75 billion barrels making it second only to Saudi Arabia in reserves. Based on the current oil price the deposit is worth an estimated US$900 billion.

The Midland formation which the deposit is part of has been the site of renewed activity from oil companies as they have begun using deep shale drilling perfected in other states.

“Changes in technology and industry practices can have significant effects on what resources are technically recoverable, and that’s why we continue to perform resource assessments throughout the United States and the world.” said Walter Guidroz, program coordinator for the USGS Energy Resources Program.

The site is located close to the new Petra Nova coal-fired power plant which could boost oil extraction when it comes online. The plant will use carbon captured from power generation to increase oil production from wells as they mature.

7 Comments

  1. Ricky Miller

    My wife and her sisters own some mineral rights in Borden County How would they find someone to look at what they have

    • Roy Obermiller

      You might contact my sister Nancy Kiser in Denver. She is a land man for oil leases. She is on Facebook, send her a message.

  2. This is great news drill baby drill ! Make America energy independent!

  3. IS COLORADO COUNTY INCLUDED IN THIS ?

  4. Why now did they just release this, how long has the geological society known about this?, I hope a lot ole farmers benefit from this as all farmers and ranchers need this with the economy so lousy in the cattle and farming industry…just wish they could come to caddo and Comanche counties and open it back up

  5. Energy Independence! Hooray! Make America Great!

  6. @ Ricky Miller: I was an Independent Petroleum Landman based out of Midland, TX in the 1980s. If an oil company thinks your mineral acreage has potential they will send a landman to the court house with a colored in plat map to run the deed records on the target acreage to find out who owns the Mineral Interest which is called a “Lease Hold Take Off”. Then the landman will approach you to sign an OGL (Oil and Gas Lease) to cover a term of 1-10 years. You will get a cash bonus draft or check as a signing bonus and then whatever share of royalty you agreed upon out of the oil and gas sales if or when it produces. The Oil business usually goes after the easiest or biggest batches of oil first, so it may take years for them to make their way to your property depending upon where it is located.

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