Skip to comments.Texas Shale Oil Could Add "Another Venezuela Or Kuwait" Worth Of Oil By 2020
Posted on 06/01/2011 8:13:39 AM PDT by thackney
Oil companies are moving quickly to tap shale oilfields in Texas that could increase domestic oil production by 25 percent over the next decade.
According to a report in the New York Times, more than a dozen companies will drill up to 3,000 wells in the next 12 months at Eagle Ford and other sites. Just five years ago the fields were thought to be worthless.
Despite concern about the environmental dangers of fracking, oil companies are betting the government won't stop such a big boost to reserves.
Texas shale is up to three times larger than Alaska's Prudhoe Bay, the last great onshore oil discovery in the U.S.
And it's coming online fast...
(Excerpt) Read more at businessinsider.com ...
The Democrats will find a way to stop it.
I think this has gone too far already. The Dems just missed it. This production is coming online.
Is Business Insider typically left-wing? I see they use the Left code words from time-to-time and link to left-wing sites such as The Global Warming Policy Foundation
Ya, since liberals are against oil drilling, they will not let this go forward.
The best way to allow development of these resources is a change in the resident of 1600 Pennsylvania Avenue.
As long as liberals are calling the shots, certain things just won’t happen.
They’ll sue to stop “fracking” like they did in NY.
I don’t know their history. I found this article searching for something else.
The Utica goes right under my cabin.
FuelFix Q&A: Marathon says Eagle Ford purchase worth the price
Houston-based Marathon Oil said this morning it will pay $3.5 billion to buy Hilcorp Resources Eagle Ford shale holdings, an investment that comes to nearly $25,000 per acre.
That may seem like a pretty steep price, but Marathon Chairman and CEO Clarence Cazelot says its not when you look more closely at the acreage. Cazelot, CFO Janet Clark and Executive Vice President of Upstream Dave Robert took a few minutes to talk to us this morning about the deal.
Too bad the permitting process will take until 2120.
Most of this is not federal land. As of last week, there are 835 rigs actively drilling in Texas.
Where there’s a well, there’s a won’t...
I don’t understand the comment.
The drilling in the Eagle Ford for oil is happening so fast that they are having difficulty building the infrastructure to move the oil as fast as the wells are coming on line.
Pipelines are being built but temporary truck loading and unloading facilities are being built in multiple locations while waiting on the pipelines.
Some of the South Texas refineries are making modifications to handle this influx of oil. Currently, due to the infrastructure bottle neck the price differential can be $20 a barrel cheaper for the local oil versus imported.
Obama will put a stop to it, one way or another. The EPA, the Energy Department, the Commerce Department—someone will find a way to stop it even where it is already developed—just as they stopped drilling in the Gulf and more recently development of that well an the island off the Alaska coast.
In that last case, everything was complete but the final details, but they refused to permit an ICEBREAKER to operate off the coast, because it might bring pollution to an Eskimo village many miles away.
They didn’t refuse to permit an icebreaker. The icebreaker was left off of Shell’s permit application. They have resubmitted it since.
Shell loses Alaska air-quality permit appeal
Feb 11, 2011
Shell files applications to drill offshore exploration wells
May 20, 2011
We are dealing with the Obama administration. They will find some pretense to shut ‘er down.
Eliminating anything that helps America is Job 1 for that crew.
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