Tag: oil reserves

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US oil reserves surpass those of Saudi Arabia and Russia

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Rystad Energy estimates US has 264bn barrels of recoverable oil

YESTERDAY

by: Anjli Raval, Oil and Gas Correspondent

The US holds more oil reserves than Saudi Arabia and Russia, the first time it has surpassed those held by the world’s biggest exporting nations, according to a new study.

Rystad Energy estimates recoverable oil in the US from existing fields, discoveries and yet undiscovered areas amounts to 264bn barrels. The figure surpasses Saudi Arabia’s 212bn and Russia’s 256bn in reserves.

The analysis of 60,000 fields worldwide, conducted over a three-year period by the Oslo-based group, shows total global oil reserves at 2.1tn barrels. This is 70 times the current production rate of about 30bn barrels of crude oil a year, Rystad Energy said on Monday.

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One of the World’s Biggest Sources of Oil Is Right Here in America

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One of the World’s Biggest Sources of Oil Is Right Here in America

Rob Nikolewski / @Watchdogorg / July 29, 2014

SANTA FE, N.M.—Oil production in New Mexico keeps on booming, and it could continue to do so for some time.

“I think the forecast is great,” said Parker Hallam, president and CEO of Crude Energy in Dallas. “I’m excited.”

The Permian Basin, located in eastern New Mexico and West Texas, recently has become one of the world’s biggest sources for crude oil.

The Bakken formation in North Dakota, the Eagle Ford “play” in South Texas and the Permian Basin are each producing more than 1 million barrels of oil per day, with the Permian leading the pack at 1.6 million barrels a day.

Domestic production has grown so large that last month, the International Energy Agency announced the United States surpassed Russia and even Saudi Arabia in oil production.

In New Mexico, field production has doubled in the past three years and is on the verge of surpassing 10 million barrels a month, according to figures from the U.S. Energy Information Administration.

“I think the next 10 years, we can expect to see three to 3-and-a-half million [barrels a day from the Permian Basin],” Hallam said. “We could see even more than that.”

The reason?

Horizontal drilling, using hydraulic fracturing—“fracking.”