{"id":41928,"date":"2018-12-23T15:13:11","date_gmt":"2018-12-23T20:13:11","guid":{"rendered":"https:\/\/olduvai.ca\/?p=41928"},"modified":"2018-12-23T15:13:11","modified_gmt":"2018-12-23T20:13:11","slug":"shale-oil-keeps-growing-on-trees","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=41928","title":{"rendered":"Shale Oil Keeps Growing on Trees"},"content":{"rendered":"
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Shale Oil Keeps Growing on Trees<\/em><\/strong><\/a><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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The United States Geological Society (USGS) today released a report<\/a> stating there\u00a0is an estimated 46.3 billion barrels of theoretical, technically recoverable, as yet undiscovered light tight oil reserves in the Wolfcamp, Bone Springs and Avalon shaley carbonate formations in the Delaware Basin of West Texas. Shale oil, it seems,\u00a0keeps growing on trees.<\/p>\n

There are lot of “qualifications” to this estimate but it will nevertheless\u00a0cause people’s panties to get plum\u00a0bunched up, including the President of the United States who believes we are sitting on the Atlantic Ocean of light tight oil in America, so much so\u00a0we no longer even have to worry about conserving<\/a> the stuff\u00a0anymore.<\/p>\n

What price of oil will it take for all this imaginary oil to actually be recovered in the Delaware Basin? Well, the USGS does not bother itself with that kind of\u00a0small stuff. Taxpayers pay for it to make wild ass guesses and that’s that.<\/p>\n

Art Berman reviewed the study in detail to determine the USGS itself estimates it will take 318,000 wells to recover this oil, costing over $3.0 trillion.\u00a0Some of the USGS EUR estimates for various benches in their assessment will only be economical at oil prices above $150 per BO.<\/p>\n

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Where\u00a0\u00a0that money is going to come from beats the hell out of me. The US shale oil industry has drilled\u00a0almost 70,000 shale\u00a0wells the past decade all\u00a0across America and is hammering its sweet spots in the major shale oil basins. It has recovered a little less than 10 billion barrels of oil\u00a0 so far\u00a0 (EIA, DI, IHS, shaleprofile.com). The shale oil industry\u00a0\u00a0is somewhere around $300 billion in long term debt, so it essentially has not even\u00a0paid for what its already produced.<\/p>\n

\u00a0\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Shale Oil Keeps Growing on Trees The United States Geological Society (USGS) today released a report stating there\u00a0is an estimated 46.3 billion barrels of theoretical, technically recoverable, as yet undiscovered light tight oil reserves in the Wolfcamp, Bone Springs and Avalon shaley carbonate formations in the Delaware Basin of West Texas. Shale oil, it seems,\u00a0keeps […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[20282,2603,23581,723,827,22687,3427,23582],"class_list":["post-41928","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-delaware-basin","tag-light-tight-oil","tag-oily-stuff","tag-shale-oil","tag-united-states","tag-united-states-geological-society","tag-usgs","tag-wolfcamp"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/41928","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=41928"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/41928\/revisions"}],"predecessor-version":[{"id":41929,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/41928\/revisions\/41929"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}