Cutting-edge technologies are leading the emergence of North American production, and they are also improving the ability to better understand hydrocarbon reservoirs. More specifi cally, they are helping geologists and engineers get a sense of how much oil is potentially available in those reservoirs.
In September IHS Markit announced the results of a three-year study of more than 440,000 wells and 70 formations in the Permian Basin. The results revealed the Permian still holds about 60 Bbbl to 70 Bbbl of technically recoverable resources—nearly 80% more oil than the 39 Bbbl produced in the Permian since the 1920s, according to IHS Markit.
That announcement was similar to the one by the U.S. Geologic Survey (USGS) in November 2016 when it revealed in a study an additional 20 Bbbl of oil in the Midland Wolfcamp Basin. Meanwhile, The University of Texas at Austin’s Bureau of Economic Geology reported in April it had discovered the Bakken and Three Forks formations might contain twice the amount of reserves federal agencies initially thought—125 Bbbl and 75 Bbbl of oil in place, respectively. Read more…