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View Diary: President Obama's climate change speech may hint at possible Keystone XL pipeline rejection (188 comments)

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  •  About all that "new" oil in Texas: (4+ / 0-)
    Recommended by:
    TomP, Quicklund, Just Bob, thomask
    It’s an oil play in the Texas Midland Basin. It may have recoverable resources up to 50 billion barrels using the new oil extraction technologies.

    Peter Tertzakian, the chief economist at ARC Financial, puts it all in context. I give the full quote because it is, to say the least, a stunner:

    “Today’s North American oil boom, if sustainable, takes us back to the discovery atmosphere of the 1950s and ’60s. The potential is hardly limited to the Spraberry/Wolfcamp. North Dakota’s headlining Bakken play is conjectured to contain over 10 billion barrels, while the Eagle Ford Shale could be up to 25 billion. If oil follows the path of natural gas, there are likely to be several more ‘sweet’ mega-plays, including prolific ones germinating in Canada, that could collectively stack up to be the most significant era of reserve additions in the 155-year history of the industry.”

    As the late Harry Caray would say, “Holy cow!”


    For context, 50 billion barrels is almost 1/3rd the recoverable tarsands.  And since less than a 1/3rd of that was slated for Texas refineries - they really don't need the KXL anymore.

    •  In April, USGS said 7.4 billion barrels of ... (4+ / 0-)
      Recommended by:
      Roadbed Guy, Just Bob, thomask, YucatanMan

      ...recoverable oil in the Bakken.

      Don't tell me what you believe, show me what you do and I will tell you what you believe.

      by Meteor Blades on Tue Jun 25, 2013 at 11:45:43 AM PDT

      [ Parent ]

      •  Yeah, that's close to what the blurb I posted (2+ / 0-)
        Recommended by:
        Quicklund, Just Bob

        said (10 billion barrels).

        My understanding is that the Texas reserves are too new to be in the government stats.

        But here's the Canadian (Globe and Mail) take on things: Texas: One more threat to the oil sands

        Today’s oil discovery sizes not seen since 1960:

        Yet there it was, a remarkable stat buried among many that should have made everyone at the Dallas Convention Centre take a deep breath. According to the source, just one oil play in the Texas Midland Basin, the Spraberry/Wolfcap shale, may have a total recoverable resource of up to 50 billion barrels using new tight-oil extraction technologies. This revelation presents us all with an arresting number, if indeed that much oil is producible from a region already famous for its hydrocarbon potential. For one thing, supplementary data from the U.S. Energy Information Agency shows that only 1.3 billion barrels have been produced from the legacy region since its original discovery in 1949. So tapping into the multizone Spraberry/Wolfcap with horizontal drilling and hydraulic fracturing processes is a like finding a virgin oil field – a very big one at that.
        •  USG(2013) says US has 58 Gb of 'shale oil' (1+ / 0-)
          Recommended by:

          and 29 Gb of conventional oil left--that's the whole country.
          The US also consumes +6 Gb of oil per year.

          Seriously the whole oil independence trope is nonsense.

          Texas has one thing going for it. A huge number of
          depleted oil/gas fields for EOR-carbon sequestration. If Gulf refineries captured
          and sequestered their process emission, I'd okay KXL.

          •  That report gives the total US "unproved" (1+ / 0-)
            Recommended by:
            Just Bob

            reserves at 223 Gb.

            The news articles I posted suggested that 50 Gb of that recently went from the "unproved" to the "proved" side of the ledger, thereby almost doubling the 58 Gb figure you mentioned.

            In a way it's sad we even have to discuss, but since Obama has vowed to increase petroleum and infrastructure as long as he is in office, I guess we have to.

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