$1.2 Trillion Value Oil found in West Texas..

[csv8]

"An estimated 20 billion barrels of oil valued at up to $US900 billion ($1.2 trillion) has been discovered in a West Texan shale formation, the US Geological Survey announced this week. Three times the size of the Bakken oilfields in North Dakota, it could be the largest such deposit ever assessed in the United States.
The USGS has released a new assessment of oil reserves located in the Wolfcamp shale in West Texas' Permian Basin, one of the most productive areas for oil and gas extraction in the United States. In addition to a whopping 20 billion barrels of oil, the shale is steeped in an estimated 453 billion cubic metres of natural gas and another 1.6 billion barrels of natural gas liquids.
The estimate consists of "undiscovered and technically recoverable" resources of "continuous" oil and gas. Understanding all of this jargon is key. Undiscovered resources are estimated based on existing geologic knowledge and theory, meaning the exact amount of oil and gas in the Wolfcamp shale could be larger or smaller. Technically recoverable resources are those that can in theory be produced using current technology and industry standard practices. Finally, continuous resources are dispersed in small amounts throughout a basin rather than large, discrete deposits. "Because of that, continuous resources commonly require special technical drilling and recovery methods, such as hydraulic fracturing," the USGS writes. (According to The Guardian, fracking is already common practice at the more than 3000 horizontal oil wells located in the Wolfcamp region.)
Importantly, the USGS has not determined whether it is profitable to exploit all or even most of this vast new oil reserve. But given the numbers and dollar signs attached to its discovery, it is difficult to imagine that America's incoming, oil-friendly administration will not try. In the disturbingly prescient words Sarah Palin, get ready to drill, baby, drill."
http://www.msn.com/en-au/money/marke...cid=spartandhp

[99AUXR]

So much for running out of the stuff.

[Express]

$1.2 Trillion Value Oil found in West Texas..

It's mind, I think I dropped while I was over there.

[superyob]

I love oil, yes I do
I'll drive my tank till I'm 102

[PooDog]

Probably got it off Sadam Hussein

[roddy1960]

G'day...Trump's plans to 'protect' U.S. resources has a whole new meaning now doesn't it ?..That's a vast amount of black gold.. too bad we didn't have it as well.. Then again ,if we did Turnbull's ninnies or Shorten's sheysters would find a way to bloody near give it away like our equally vast mineral wealth we do now to China or somewhere so we can buy it back and pay through the nose for it. Maybe partly contributing to why our manufacturing industries diminish . Bloody politicians..In the famous words of Foghorn Leghorn "Sharp as a bowlin'ball my boy , Sharp as a bowlin' ball ....Cheers Rod..

[jimt3te50]

From what I understand about this, it's an existing site but the company involved just announced the reserves, presumably to boost stock value. Allegedly, they've known it's this big for quite some time.

[pursuit57]

saved it for a rainy day.....wonder if the future POTUS has any indirect interest tied up in it ?

[PooDog]

Originally Posted by roddy1960

G'day...Trump's plans to 'protect' U.S. resources has a whole new meaning now doesn't it ?..That's a vast amount of black gold.. too bad we didn't have it as well.. Then again ,if we did Turnbull's ninnies or Shorten's sheysters would find a way to bloody near give it away like our equally vast mineral wealth we do now to China or somewhere so we can buy it back and pay through the nose for it. Maybe partly contributing to why our manufacturing industries diminish . Bloody politicians..In the famous words of Foghorn Leghorn "Sharp as a bowlin'ball my boy , Sharp as a bowlin' ball ....Cheers Rod..

Haha ,but we don't see the big picture mate ......and I've always imagined it based at the local play centre and involving a whole lot of Crayons!!

[dunga]

Originally Posted by roddy1960

G'day...Trump's plans to 'protect' U.S. resources has a whole new meaning now doesn't it ?..That's a vast amount of black gold.. too bad we didn't have it as well.. Then again ,if we did Turnbull's ninnies or Shorten's sheysters would find a way to bloody near give it away like our equally vast mineral wealth we do now to China or somewhere so we can buy it back and pay through the nose for it. Maybe partly contributing to why our manufacturing industries diminish . Bloody politicians..In the famous words of Foghorn Leghorn "Sharp as a bowlin'ball my boy , Sharp as a bowlin' ball ....Cheers Rod..

we don't give it to china we let foreign companies (including china ) mine our minerals and sell them over seas without paying fair compensation for them.

[Falcon SXR8]

Yahooooo bust out the old double pumpers boys

[CoupeKing]

Slurp and burn it.

https://www.youtube.com/watch?v=HHsKtSz07XQ

Any excess has already been reserved for Ted Cruz's hair.

[FPV+fteT3]

Bonus they wont need to send in the army to take control of it….

[carwant.com.au]

As the oil price changes with supply and demand, this new finding may (at least) keep the oil price from not rising further. Who knows....

[FGX-351]

I'm pretty sure we have a large shale supply in South Australia but the problem being is the cost to recover it.

[.:4:.]

Originally Posted by FGX-351

I'm pretty sure we have a large shale supply in South Australia but the problem being is the cost to recover it.

That won't help us though, the government will just sell it to someone overseas then buy it back at a premium.

[DJR-351]

Wow! how lucky is that.....

Considering the 40 year ban on exporting oil out of the US (excluding Canada)was lifted only last December, and with the new Saudi energy minister predicting oil at $60US by the end of the year (and likely higher in 2017) it's could be very fortunate for the finder.....

[malazn mafia]

Wasn't shale oil more expensive to extract or the extraction cost equal to the value of the oil being extracted, hence making it unviable?

[CyberWasp]

The USA has no shortage of Oil.
The find in Texas is only the tip of the ice berg compared to what they are saving for a rainy day in Alaska.

I have never understood why we let foreign companies mine our reserves.
With what comes out of the ground here we should not be paying taxes at all.

[Trump]

Hardly worth writing about, it's about eight months worth at current global consumption rates.

It's a stock boosting announcement, nothing else.

[bathurst-racer]

Originally Posted by FGX-351

I'm pretty sure we have a large shale supply in South Australia but the problem being is the cost to recover it.

NSW has vast reserves of shale oil under the Blue Mountains.
There is still the remains of the refinery at Newnes.

[jaydee]

Beauty, can keep driving the 351 for a while longer then.

[DJR-351]

Originally Posted by jaydee

Beauty, can keep driving the 351 for a while longer then.

US doesn't export oil to Australia, means f all to us.....

[jaydee]

Originally Posted by DJR-351

US doesn't export oil to Australia, means f all to us.....

Just a joke, geez.

[jpd80]

Originally Posted by Trump

Hardly worth writing about, it's about eight months worth at current global consumption rates.

It's a stock boosting announcement, nothing else.

You're missing the point here, the USA is one of OPEC's biggest markets but in recent years,
the US has been reducing dependence on OPEC by finding alternate suppliers in Canada & Sth America.

The whole point is that yes, Shale oil is too expensive to mine at the moment but this signals to OPEC
that if they lift the price too much, those deposits come into play, effectively capping OPEC's prices

OPEC has managed to lift prices this year form $27/barrel to $44/barrel with intentions of
drying up the excess oil stock and going to $65/barrel or more. At around $70/ barrel,
all those Shale Oil Reserves become economically viable.

That's the long game the US is playing, to never again be held hostage by OPEC's oil pricing.

[DJR-351]

Originally Posted by jaydee

Just a joke, geez.

Sorry mate, I realised that I should have put a smiley face in it later

[Yellow_Festiva]

Hopefully we don't end up like Praxis...

If we keep hollowing out the earth to such an extent would it be plausible that something globally catastrophic could eventually happen?

I just picture all this pumping out of oil as causing huge voids below the earth's surface just waiting to cave in / implode some day.

[Trump]

Originally Posted by jpd80

You're missing the point here, the USA is one of OPEC's biggest markets but in recent years,
the US has been reducing dependence on OPEC by finding alternate suppliers in Canada & Sth America.

The whole point is that yes, Shale oil is too expensive to mine at the moment but this signals to OPEC
that if they lift the price too much, those deposits come into play, effectively capping OPEC's prices

OPEC has managed to lift prices this year form $27/barrel to $44/barrel with intentions of
drying up the excess oil stock and going to $65/barrel or more. At around $70/ barrel,
all those Shale Oil Reserves become economically viable.

That's the long game the US is playing, to never again be held hostage by OPEC's oil pricing.

In the meantime, US shale producers are falling by the wayside on a daily basis, bleeding enough red ink to create a second Red Sea. OPEC wants to kill shale oil and they can do it.

[PooDog]

Originally Posted by Yellow_Festiva

Hopefully we don't end up like Praxis...

If we keep hollowing out the earth to such an extent would it be plausible that something globally catastrophic could eventually happen?

I just picture all this pumping out of oil as causing huge voids below the earth's surface just waiting to cave in / implode some day.

I wonder this too .they reckon they pump water back down the hole ? Really in the desert ? .... guess the next generation will pay the price ?

[jpd80]

Originally Posted by Trump

In the meantime, US shale producers are falling by the wayside on a daily basis, bleeding enough red ink to create a second Red Sea. OPEC wants to kill shale oil and they can do it.

Patience grasshopper,
You're reading way too much into that decline, the price of crude has almost doubled
since the start of the year going from $27/barrel to $44/barrel with OPEC wanting the
price to go higher (about $65-70/barrel) and at that price those producers become viable.