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Largest continuous oil and gas resource potential ever #4945215
12/06/18 04:11 PM
12/06/18 04:11 PM
Joined: Mar 2017
Posts: 7,474
...
PimTac Offline OP
PimTac  Offline OP

Joined: Mar 2017
Posts: 7,474
...


Cannot see signatures any longer so it doesn’t matter.
Re: Largest continuous oil and gas resource potential ever [Re: PimTac] #4945227
12/06/18 04:25 PM
12/06/18 04:25 PM
Joined: Nov 2014
Posts: 1,024
NE Florida
Throt Offline
Throt  Offline

Joined: Nov 2014
Posts: 1,024
NE Florida
Very cool. It's nearly impossible to imagine those kinds of amounts in the ground. Here's to $.99/gallon!


'18 Honda Accord Touring, 1.5T, 5,500, Factory Fill/Filter
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Re: Largest continuous oil and gas resource potential ever [Re: Throt] #4945240
12/06/18 04:35 PM
12/06/18 04:35 PM
Joined: Mar 2017
Posts: 7,474
...
PimTac Offline OP
PimTac  Offline OP

Joined: Mar 2017
Posts: 7,474
...
Originally Posted by Throt
Very cool. It's nearly impossible to imagine those kinds of amounts in the ground. Here's to $.99/gallon!




Indeed. I was trying to find out the square miles of that area but was unable to do so. It’s definitely bigger than some east coast states.


Cannot see signatures any longer so it doesn’t matter.
Re: Largest continuous oil and gas resource potential ever [Re: Throt] #4945261
12/06/18 04:50 PM
12/06/18 04:50 PM
Joined: Oct 2014
Posts: 13,015
Canyon County Idaho
CT8 Online content
CT8  Online Content

Joined: Oct 2014
Posts: 13,015
Canyon County Idaho
Originally Posted by Throt
Very cool. It's nearly impossible to imagine those kinds of amounts in the ground. Here's to $.99/gallon!

I would love to see .99 per gallon gas but the cost to drill and refine etc. and the actual sales price would depend upon the highest bidders price.


2015 Ford F150 2.7
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Re: Largest continuous oil and gas resource potential ever [Re: PimTac] #4945299
12/06/18 05:50 PM
12/06/18 05:50 PM
Joined: Dec 2016
Posts: 7,711
Waco, TX
Linctex Offline
Linctex  Offline

Joined: Dec 2016
Posts: 7,711
Waco, TX
https://www.forbes.com/sites/timwor...w-resource-economics-works/#563c3d90118f

Nov 18, 2016, 02:43am
The Midland Basin Wolfcamp Shale Is Not Worth $900 Billion - That's Not How Resource Economics Works
Tim Worstall

There is much excitement at the USGS announcement of their discovery of vast shale oil resources in the Wolfcamp area of the Midland Basin in Texas. At 20 billion barrels it's said to be the largest continuous field ever discovered. It most certainly has a value and we are all of us richer as a result of the discovery of this most useful material. However, this isn't worth $900 billion, that's just not how resource economics works.

But that is the insistence at The Guardian:
"A huge deposit of untapped oil, possibly the largest ever discovered in the US, has been identified by the US Geological Survey (USGS) in west Texas.
The USGS estimated that 20bn barrels of oil was contained within layers of shale in the Permian Basin, a vast geological formation that stretches across western Texas and an area of New Mexico. The discovery is three times larger than the Bakken oilfields of North Dakota and is worth around $900bn.
The enormous deposit, in the Midland Basin Wolfcamp shale area that includes the cities of Lubbock and Midland in Texas, is the largest continuous oilfield ever discovered by the USGS. The area also includes 16tn cubic feet of natural gas and 1.6bn barrel of natural gas liquids."

Everything except that valuation there is just fine. But that valuation is horribly wrong. Because what they've done is just look at the market price of oil, multiply by the volume and say that's the worth of it, the value.


"The evidence demands a verdict".
(Re:VOA)"it's nearly impossible to actually know the particular additives that are in there at what concentrations."
Re: Largest continuous oil and gas resource potential ever [Re: PimTac] #4945305
12/06/18 05:57 PM
12/06/18 05:57 PM
Joined: Mar 2014
Posts: 3,679
NJ
Leo99 Online content
Leo99  Online Content

Joined: Mar 2014
Posts: 3,679
NJ
What % is this compared to what we currently refine? I mean why would it drop the price of gasoline?


Without data you're just another person with an opinion. W. E. Deming

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Re: Largest continuous oil and gas resource potential ever [Re: PimTac] #4945306
12/06/18 05:57 PM
12/06/18 05:57 PM
Joined: Jan 2006
Posts: 2,756
Idaho
SubLGT Offline
SubLGT  Offline

Joined: Jan 2006
Posts: 2,756
Idaho
281 trillion cubic feet of natural gas !? I hope they don't waste it with flaring, like they do in the Permian Basin

https://www.greencarcongress.com/2018/12/20181105-rystad.html

Quote
Gas flaring in the Permian Basin reached an all-time high in the third quarter of 2018, as the persistent rise in production collided with severe takeaway capacity challenges in the world’s most prolific shale play.

Independent energy research and business intelligence company Rystad Energy estimates that gas flaring in the Permian averaged 407 million cubic feet per day in 3Q 2018.

Rystad Energy expects flaring to grow well into 2019, reaching a level of at least 600 MMcfd by mid-2019 assuming WTI Nymex oil prices recover to $60 per barrel to support existing activity levels.

Rystad said that in Texas, it observes an increased tendency whereby gas is flared on new wells for extended periods—often between four and six months—far beyond the 45-day period covered by the initial flaring permit.

Re: Largest continuous oil and gas resource potential ever [Re: SubLGT] #4945332
12/06/18 06:30 PM
12/06/18 06:30 PM
Joined: May 2012
Posts: 2,256
The land of USA-made Subies!
SubieRubyRoo Offline
SubieRubyRoo  Offline

Joined: May 2012
Posts: 2,256
The land of USA-made Subies!
Originally Posted by SubLGT
281 trillion cubic feet of natural gas !?


That's just a little bit less than what Taco Bell generated last year...

Re: Largest continuous oil and gas resource potential ever [Re: PimTac] #4945335
12/06/18 06:32 PM
12/06/18 06:32 PM
Joined: Dec 2017
Posts: 3,702
SE British Columbia, Canada
Snagglefoot Offline
Snagglefoot  Offline

Joined: Dec 2017
Posts: 3,702
SE British Columbia, Canada
You heard it here. Buy sand stocks. smile

What they didn't mention is the huge cost of drilling and fracking horizontal wells. I wouldn’t expect oil to become cheaper but as refineries are reconfigured for more light oil it will provide jobs and opportunities like you won’t believe. A good example is North Dakota where almost all the production revolves around the Bakken and Three Forks. There are 65 drilling rigs running 24/7 and they are just able to grow production a bit. The rest of the new wells just replace the production from the huge decline rate. Drill, baby, drill.


If you want the job done right......do it yourself.
Re: Largest continuous oil and gas resource potential ever [Re: SubieRubyRoo] #4945344
12/06/18 06:41 PM
12/06/18 06:41 PM
Joined: Nov 2014
Posts: 590
Denver
marine65 Offline
marine65  Offline

Joined: Nov 2014
Posts: 590
Denver
Originally Posted by SubieRubyRoo
Originally Posted by SubLGT
281 trillion cubic feet of natural gas !?


That's just a little bit less than what Taco Bell generated last year...


That's the funniest post I've read in a long time.


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Re: Largest continuous oil and gas resource potential ever [Re: marine65] #4945375
12/06/18 07:29 PM
12/06/18 07:29 PM
Joined: Jan 2009
Posts: 6,647
New England
gathermewool Offline
gathermewool  Offline

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Posts: 6,647
New England
Originally Posted by marine65
Originally Posted by SubieRubyRoo
Originally Posted by SubLGT
281 trillion cubic feet of natural gas !?


That's just a little bit less than what Taco Bell generated last year...


That's the funniest post I've read in a long time.



crackmeup


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Re: Largest continuous oil and gas resource potential ever [Re: PimTac] #4945453
12/06/18 09:01 PM
12/06/18 09:01 PM
Joined: May 2018
Posts: 1,770
Tri State Conservative
Zee09 Offline
Zee09  Offline

Joined: May 2018
Posts: 1,770
Tri State Conservative
The cheaper gas gets the more we want it to go even cheaper.
It seems no gas is a good deal to the US customers
I'm thrilled at $2 a gallon


"If I walked on water, they'd say I couldn't swim."
Re: Largest continuous oil and gas resource potential ever [Re: PimTac] #4945512
12/06/18 10:02 PM
12/06/18 10:02 PM
Joined: May 2009
Posts: 729
Hawaii, USA
anndel Offline
anndel  Offline

Joined: May 2009
Posts: 729
Hawaii, USA
Time to build more GTL plants in the Gulf.


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Re: Largest continuous oil and gas resource potential ever [Re: PimTac] #4945523
12/06/18 10:15 PM
12/06/18 10:15 PM
Joined: Mar 2004
Posts: 21,580
Upstate NY
Donald Offline
Donald  Offline

Joined: Mar 2004
Posts: 21,580
Upstate NY
Just what we don't need. More fossil fuel to pump out of the ground. I guess its better than finding more coal.


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Re: Largest continuous oil and gas resource potential ever [Re: Donald] #4945534
12/06/18 10:31 PM
12/06/18 10:31 PM
Joined: Jul 2013
Posts: 1,860
Ottumwa, Iowa
jhellwig Offline
jhellwig  Offline

Joined: Jul 2013
Posts: 1,860
Ottumwa, Iowa
Originally Posted by SubLGT
281 trillion cubic feet of natural gas !? I hope they don't waste it with flaring, like they do in the Permian Basin

https://www.greencarcongress.com/2018/12/20181105-rystad.html

Quote
Gas flaring in the Permian Basin reached an all-time high in the third quarter of 2018, as the persistent rise in production collided with severe takeaway capacity challenges in the world’s most prolific shale play.

Independent energy research and business intelligence company Rystad Energy estimates that gas flaring in the Permian averaged 407 million cubic feet per day in 3Q 2018.

Rystad Energy expects flaring to grow well into 2019, reaching a level of at least 600 MMcfd by mid-2019 assuming WTI Nymex oil prices recover to $60 per barrel to support existing activity levels.

Rystad said that in Texas, it observes an increased tendency whereby gas is flared on new wells for extended periods—often between four and six months—far beyond the 45-day period covered by the initial flaring permit.
It isn’t like they want to waste it. It can’t be used because there is no way to move it to where we need it. We wouldn’t need near as much oil if we could utilize all the natural gas that is out there.


Sparks fly from my fingers.

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