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.
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.
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?
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.
I was under the impression the very first well into the Eagle Ford shale formation was in 2008. Do you have different information?
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.
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.
Note to the drooling masses, if a FICTION film with an agenda tells you that fracking contaminates groundwater: DONT YOU BE-LIEVE IT!
Dont confuse Tina Fey with Sarah Palin.
Dont listen to master scientist extraordinaire Al Im melting Gore when he tells you its millions of degrees about a mile and a half down.
Dont listen to ANYTHING Harry Reid, 0bama, Pelosi, or Bill Maher says!
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