Drill baby drill
Like they will drill here any time soon -- from
Next Big Future:
EIA estimates California Monterey to have four times the technically recoverable oil of the North Dakota Bakken oil field
EIA US Review of Emerging Resources: US Shale Gas and Shale Oil Plays, July 2011 (105 pages)
The Monterey/Santos oil field in California is estimated to four times the technically recoverable oil as the Bakken Oil Field in North Dakota.
The Monterey field is also estimated to have 500 billion barrels of oil in place. The Bakken oil field oil in place estimates range from 271 billion to 503 billion barrels (average estimate of 413 billion barrels).
Harold Hamm (billionaire owner of Continental oil) estimates the Bakken oil field will produce six times (24 billion barrels) the oil of the EIA estimate. Harold Hamm also believes that the San Joaquin Monterey California fields are the next big horizontal drilling play.
There is new technology for drilling which will further reduce the costs (by two thirds or more) and increase the speed of horizontal oil drilling.
UPDATE - The United States could have 6 to 8 trillion barrels of oil in place and 1.2 trillion to 2.4 trillion barrels could be recoverable.
This could be a wild ride depending on who gets into the Oval Office next year and how strongly they can cut the EPA.
Posted by DaveH at January 24, 2012 5:21 PM