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Texas Shale Oil Could Add "Another Venezuela Or Kuwait" Worth Of Oil By 2020
Business Insider ^ | May 31, 2011 | Robert Johnson

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 ...


TOPICS: News/Current Events; US: Texas
KEYWORDS: eagleford; energy; oil; shaleoil

1 posted on 06/01/2011 8:13:41 AM PDT by thackney
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To: thackney

The Democrats will find a way to stop it.


2 posted on 06/01/2011 8:15:28 AM PDT by Jeff Chandler (Just once I'd like someone to call me 'Sir' without adding 'You're making a scene.' - Homer Simpson)
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To: Jeff Chandler

I think this has gone too far already. The Dems just missed it. This production is coming online.


3 posted on 06/01/2011 8:17:18 AM PDT by ConservativeDude
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To: thackney
Wonder how quickly Obama will get some federal agency to bar any sort of exploration into this, (gotta keep his Arab masters happy after all)? I heard on the morning news that the feds were trying to curtail what oil drilling was still left in Texas to protect some endangered lizard.
4 posted on 06/01/2011 8:17:18 AM PDT by apillar
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To: thackney

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


5 posted on 06/01/2011 8:17:41 AM PDT by VeniVidiVici (Socialism works great until capitalism hits a rough spot)
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To: Jeff Chandler

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.


6 posted on 06/01/2011 8:18:03 AM PDT by Dilbert San Diego
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To: ConservativeDude

They’ll sue to stop “fracking” like they did in NY.


7 posted on 06/01/2011 8:18:08 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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45% of the drilling rigs working in the US are drilling in Texas.

http://files.shareholder.com/downloads/BHI/1266410782x0x471530/F8AFBDA5-AA7F-43BA-A668-4CB9B58B338A/Rigs_By_State_052711.pdf


Click pic to enlarge

8 posted on 06/01/2011 8:19:06 AM PDT by thackney (life is fragile, handle with prayer)
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To: VeniVidiVici

I don’t know their history. I found this article searching for something else.


9 posted on 06/01/2011 8:19:59 AM PDT by thackney (life is fragile, handle with prayer)
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To: ConservativeDude
Went thru Gonzales, Texas this last weekend. A large area next to the rodeo arena on the south edge of town looks like it's being converted to a huge RV park for oilfield workers. The boom is on.
10 posted on 06/01/2011 8:22:15 AM PDT by nomorelurker
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To: thackney

The Utica goes right under my cabin.

Whoo-hoo!


11 posted on 06/01/2011 8:22:38 AM PDT by patton (I am sure that I have done dumber things in my life, but at the moment, I am unable to recall them.)
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To: nomorelurker

FuelFix Q&A: Marathon says Eagle Ford purchase worth the price
http://fuelfix.com/blog/2011/06/01/fuelfix-qa-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 it’s 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.


12 posted on 06/01/2011 8:24:46 AM PDT by thackney (life is fragile, handle with prayer)
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To: thackney

Too bad the permitting process will take until 2120.


13 posted on 06/01/2011 8:26:26 AM PDT by null and void (We are now in day 860 of our national holiday from reality. - Obama really isn't one of us)
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To: null and void

Most of this is not federal land. As of last week, there are 835 rigs actively drilling in Texas.


14 posted on 06/01/2011 8:30:35 AM PDT by thackney (life is fragile, handle with prayer)
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To: thackney

Where there’s a well, there’s a won’t...


15 posted on 06/01/2011 8:37:42 AM PDT by null and void (We are now in day 860 of our national holiday from reality. - Obama really isn't one of us)
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To: null and void

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.


16 posted on 06/01/2011 8:44:04 AM PDT by thackney (life is fragile, handle with prayer)
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To: thackney

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.


17 posted on 06/01/2011 8:44:38 AM PDT by Cicero (Marcus Tullius)
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To: Cicero

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
http://www.reuters.com/article/2011/02/12/oil-shell-idUSN1114246920110212
Feb 11, 2011

Shell files applications to drill offshore exploration wells
http://www.alaskajournal.com/stories/052011/oil_sfatdoe.shtml
May 20, 2011


18 posted on 06/01/2011 8:54:03 AM PDT by thackney (life is fragile, handle with prayer)
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To: Jeff Chandler

Wyatt’s Torch...


19 posted on 06/01/2011 8:57:05 AM PDT by Noumenon ("One man with courage is a majority." - Thomas Jefferson)
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To: thackney

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.


20 posted on 06/01/2011 8:57:13 AM PDT by null and void (We are now in day 860 of our national holiday from reality. - Obama really isn't one of us)
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To: thackney
Oh, and stopping it after all the money has been spent on infrastructure and drilling? Icing on the cake!
21 posted on 06/01/2011 8:59:38 AM PDT by null and void (We are now in day 860 of our national holiday from reality. - Obama really isn't one of us)
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To: All

b


22 posted on 06/01/2011 9:09:36 AM PDT by Maverick68
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To: Jeff Chandler
The Democrats will find a way to stop it.

A buddy of mine works for a shale gas company that canceled their plans to open an office in upstate New York because NY totally caved to the Enviros and put it all off limits. New York is now suing to force the EPA to stop fracking in the Delaware Basin, which includes all of NJ and a good chunk of PA.
23 posted on 06/01/2011 9:21:56 AM PDT by Buckeye McFrog
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To: thackney
Actually this article is still trying to under report the amount of oil in shale and sands.

The over used iceberg metaphor applies.

There is and always was more oil that is hard to retrieve than oil that was simple to pump out of the ground.And this is not a new discovery.

My paternal grandfather was a petroleum engineer from the late 1920s through the early 1970s. My mother was middle management for Shell all my growing up years.
The oil business was a dinner topic at our house a lot of the time.

The ratio of free oil to more embedded oil has always been known - unless you grew up reading environmentalist revisionism.

If oil runs out, it wont be in my lifetime, my children's lifetime, or even my great grand children's lifetime.

You may indeed be able to fool all of the people some of the time - but not about every subject.

24 posted on 06/01/2011 9:43:03 AM PDT by MrEdd (Heck? Geewhiz Cripes, thats the place where people who don't believe in Gosh think they aint going.)
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To: thackney

If Odumbo and the Demonrats manage to stop this drilling, then I will be on the phone literally every day to the Governor’s office, asking the simple question:

NOW can we secede?


25 posted on 06/01/2011 9:59:44 AM PDT by Ancesthntr (Bibi to Odumbo: Its not going to happen.)
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To: Jeff Chandler
The Democrats will find a way to stop it.

Hasn't the environmentalists found a lizard that they want to put on the 'endangered species' list?
It lurks on the shale territory and a ruling would effectively place the area off limits.

26 posted on 06/01/2011 10:19:29 AM PDT by Vinnie
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To: MrEdd
And this is not a new discovery.

I was under the impression the very first well into the Eagle Ford shale formation was in 2008. Do you have different information?

http://www.rrc.state.tx.us/eagleford/index.php

27 posted on 06/01/2011 10:39:42 AM PDT by thackney (life is fragile, handle with prayer)
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To: thackney
The break point was forecast to be about $35 a barrel back in the 1930s be commercially viable. New technical developments in the 90s lower the recovery cost, and the recent drilling has come about because the price oil finally rose to the point that profit exceeds the greater recovery cost for shale oil.

But again, it wasn't extracted before not because it wasn't possible, but because it wasn't profitable.

If a change of governments and regulations causes drilling conventional oil world wide you will see shale oil production back off as it will be unable to compete at the pump.

None the less, there is still more of it in existence than free oil.

28 posted on 06/01/2011 10:49:27 AM PDT by MrEdd (Heck? Geewhiz Cripes, thats the place where people who don't believe in Gosh think they aint going.)
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To: MrEdd

I believe you are talking about retorting shale to release Kerogen to produce a syncrude.

This is not that process. This drilling to bands of crude oil. Steerable horizontal drilling combined with hydraulic fracturing has increase the amount of oil that can be produced.


29 posted on 06/01/2011 10:57:12 AM PDT by thackney (life is fragile, handle with prayer)
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To: thackney
The clowns in the jester hats shaking hands with the “lack of joy” buzzers in the Climate Alarmist Cabal, the anti-fracking nonsense vomiters, the environazis and the dullards at the EPA want to put the kibosh on anything that is helpful concerning low cost energy in the USA.

Note to the drooling masses, if a FICTION film with an agenda tells you that fracking contaminates groundwater: DON’T YOU BE-LIEVE IT!

Also:
Don’t confuse Tina Fey with Sarah Palin.
Don’t listen to master scientist extraordinaire Al “I’m melting” Gore when he tells you it’s “millions of degrees” about a mile and a half down.
Don’t listen to ANYTHING Harry Reid, 0bama, Pelosi, or Bill Maher says!

30 posted on 06/01/2011 1:41:36 PM PDT by PATRIOT1876 (The only crimes that are 100% preventable are crimes committed by illegal aliens)
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To: PATRIOT1876

Progressives are not just against drilling for oil; they are against cheap, plentiful energy sources that involve corporations making a profit.


31 posted on 06/01/2011 1:45:40 PM PDT by GSWarrior
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To: GSWarrior
*Progressives are not just against drilling for oil; they are against cheap, plentiful energy sources that involve corporations making a profit.*

Yep, the anti-human, envirokooks do NOT want us to have a lot of good cheap oil here at home:

“Giving society cheap, abundant energy . . . would be the equivalent of giving an idiot child a machine gun.” Paul Ehrlich

32 posted on 06/01/2011 2:29:24 PM PDT by PATRIOT1876 (The only crimes that are 100% preventable are crimes committed by illegal aliens)
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