From the Guardian - estimated 20bn barrels of oil found in Texas’s Permian Basin, three times larger than the Bakken oilfields of North Dakota, could be worth as much as $900bn
"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.
“The fact that this is the largest assessment of continuous oil we have ever done just goes to show that, even in areas that have produced billions of barrels of oil, there is still the potential to find billions more,” said Walter Guidroz, program coordinator for the USGS energy resources program."
The full article can be found here.