My wife often chides me for thinking Midland, Texas is the epicenter of the universe. I imagine everyone feels that way about their hometown. Turns out, Midland, Texas really is the center of the (oil and gas) universe (in the continental United States), to the tune of an additional 20 Billion barrels of recoverable oil, as detailed below.
The United States Geological Survey (USGS) recently released its estimate of continuous (unconventional) recoverable resources in the Midland Basin Wolfcamp Shale. The estimate credits the formation as containing 20 billion barrels of oil, 16 trillion cubic feet of associated natural gas, and 1.6 billion barrels of natural gas liquids. According to the USGS, this is the largest assessment of continuous oil they’ve ever done and nearly three times the size of the Bakken-Three Forks resource assessment completed in 2013.
The USGS Press Release can be found HERE.
The USGS Report can be found HERE.
The Texas Tribune Article can be found HERE.
Here’s a pretty graph included in the News Release