How perceptions have changed of world oil, gas resources

James W. Schmoker; Thaddeus S. Dyman

Home/Archive/USGS

USGS · 70020623

How perceptions have changed of world oil, gas resources

James W. Schmoker·Thaddeus S. Dyman

View original source ↗Export metadata ↓

Abstract

In this article, some of the trends in the estimates of the oil and gas resources are examined, with a view toward better understanding world oil and gas resources in the context of the next few decades. Quantitative assessments facilitate recognition of the big picture, which is necessary for purposes of planning and investment, and also form the foundation for periodic adjustments to the big picture made necessary by changes in technology and scientific understanding.

Explore related subjects

Oil & Gas Journal Article

Keep this discovery

Explore connections, maps & timelines

BibTeX RIS

James W. Schmoker, Thaddeus S. Dyman. 1998. How perceptions have changed of world oil, gas resources. https://pubs.usgs.gov/publication/70020623

Cite the original work for its findings. Save a collection to share your selection of sources.

KEEP EXPLORING

Related USGS reports

USGS2022

Open-source resources help navigate new IM regulations

The revision of federal safety regulations for integrity management of gas transmission pipelines to require explicit consideration of seismicity increases the importance for operators to be actively identifying high-consequence areas (HCAs), evaluating seismic-related threats, and choosing a risk model to support risk management decisions. To ensure equal access to information by both operators and inspectors, the authors have compiled publicly available data and tools for practical seismic risk assessments, such as Microsoft building footprints, the USGS National Seismic Hazard Models, and the USGS Ground Failure product.

Oil & Gas Journal↗

USGS2018

Multiple stacked plays to drive continued Permian development

The exploitation of unconventional (continuous) resource plays with horizontal drilling and fracturing techniques continues to spur renewed development in mature producing basins in the US. The Permian basin of west Texas has emerged as a particularly strong prospect due to the potential for multiple stacked resource plays in formations such as the Wolfcamp shale and Spraberry and Bone Spring formations. Production began in the Permian basin in the early 1920s, and more than 116,000 wells have been drilled in Midland basin alone. 1 2 In 2017, total Permian basin oil production climbed to nearly 1.7 million b/d. 3 The US Geological Survey (USGS) conducts geologic-based assessments of undiscovered, technically recoverable domestic hydrocarbon resources. The USGS recently assessed the Wolfcamp shale in the Midland basin portion of the Permian basin for continuous (unconventional) oil and gas resources, and completed a reassessment of the Spraberry formation for both continuous and conventional oil and gas. 4 5 Combined, the assessments of the Spraberry formation and underlying Wolfcamp shale in Midland basin comprise the largest domestic continuous oil assessment in the contiguous US (Fig. 1).

Texas↗

USGS2013

Bakken, Three Forks largest continuous US oil accumulation

The recent reversal of the declining trend of US oil production is largely due to production from unconventional or "continuous" low-permeability reservoirs by use of multistage hydraulic fracturing of horizontal legs of exploration wells. The US currently produces about 7.4 million bo/d, and the increasing trend in domestic production has led to speculation that the US could become energy independent in oil in the near future. The US still imports an additional 11 million bo/d to meet consumption requirements).1 Critical to the discussion of energy independence are estimates of resources contained in low-porosity and low-permeability (or "tight") continuous oil and gas accumulations, which have formed a critical component of national energy policies in recent years.

Montana, North Dakota, South Dakota, Wyoming↗