Wow. There is no shortage of oil in Texas and New Mexico!
Estimates Include 46.3 Billion Barrels of Oil, 281 Trillion Cubic feet of Natural Gas, and 20 Billion Barrels of Natural Gas Liquids in Texas and New Mexico’s Wolfcamp Shale and Bone Spring Formation.
Just one shale formation could produce 25% of the UK’s oil. Isn’t this better than financing Russia or Saudi Arabia?
The so-called Gatwick Gusher, a shale basin in the United Kingdom, could add as much as $74 billion to the nation’s economy, a study finds.
U.K. Oil & Gas Investments commissioned Ernst & Young to examine the future potential of oil production from the Weald shale basin.
“Assuming it can be extracted from a development site at the volumes projected by U.K. Oil & Gas, has the potential to generate significant economic value to the U.K. economy,” the report read.
Oil & Gas U.K., the industry’s lobbying group, said the North Sea oil sector is in for a long period of decline, with less than $1.4 billion in new spending expected in 2016. Inland shale, meanwhile, has the potential to add between $10 billion and $74.6 billion to the British economy in gross value, the commissioned report said.
Operators are working to assess the potential in the shale area by testing the Horse Hill-1 oil discovery. Preliminary estimates made by the company last year put the entire Horse Hill reserve total as high as 100 billion barrels of oil. If its full potential is reached, the future production from the area could provide as much as a quarter of the nation’s total oil demand over its lifespan, based on 2014 demand levels.