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Old 09-09-2016, 10:20 AM   #1
A.T. Hagan
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Default Oil company claims it has found $8billion worth of new reserves in a huge shale formation under Texas

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Houston-based Apache Corp. claims to have found 3billion barrels of oil
Also thinks it has struck upon 75 trillion cubic feet of natural gas
The discoveries were made in largely undeveloped region, Alpine High
http://www.dailymail.co.uk/news/arti...est-Texas.html


Map showing the Delaware Basin, straddling Texas and New Mexico,
where the discovery has been made
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Old 09-09-2016, 11:25 AM   #2
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Texas could use a few earthquakes..
Let the fracking begin..
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Old 09-09-2016, 11:51 AM   #3
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So, is Trump right?

ENERGY INDEPENDENCE?
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Old 09-09-2016, 11:58 AM   #4
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We could be independent now if we wanted.
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Old 09-09-2016, 12:22 PM   #5
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The total $$ amount in the headline of the article doesn't sound right. If it's worth $8 billion then they're only selling it for $2.66 a barrel?
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Old 09-09-2016, 12:41 PM   #6
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Too bad they didn't find oil. What they found was shale.

Oil is basically free energy -- maybe cost $2 per barrel to get outta ground. Shale requires a manufacturing process and costs more like $45/barrel
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Old 09-09-2016, 01:31 PM   #7
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To put things in perspective, this find, while large, only amounts to about 5 months of US oil consumption. Yes, in the short term we could be energy independent (whatever that may actually mean in this inter-connected world), but we are no where near energy independence over the long run. With this find, US proven oil reserves amount to something like 40 billion bbls. By contrast, Venezuela and the Saudis have something like 300 billion bbls each. Canada's oil sands have something like 150 billion bbls.
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Old 09-09-2016, 01:42 PM   #8
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The company has drilled 19 wells and identified 2,000 to 3,000 future drilling locations in the deepest parts of the play, expected to deliver a combination of natural gas and oil worth $4 million to $20 million per well at $3 per million cubic feet in gas and $50 per barrel of oil.

It said it has over 300,000 continuous acres and paid $1,300 per acre on average.

Apache said it expected to find more oil in shallower sections of the play - oil that is not included in the 3 billion barrel estimates.

It's unclear how many barrels Apache will be able to recover, analysts said. Hydraulic fracturing typically generates 6 to 12 percent of the total oil and gas in the ground, at least on first attempt.

"It's a significant discovery for Apache, but let's not read that 3 billion barrels of oil are coming out of the ground," said Hassan Eltorie, analyst for IHS Markit.

Apache is estimating a 13 percent recovery, for now, according to a presentation to made to investors Wednesday.

http://www.houstonchronicle.com/busi...st-9208240.php
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Old 09-09-2016, 02:37 PM   #9
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Quote:
Originally Posted by Sysiphus View Post
To put things in perspective, this find, while large, only amounts to about 5 months of US oil consumption. Yes, in the short term we could be energy independent (whatever that may actually mean in this inter-connected world), but we are no where near energy independence over the long run. With this find, US proven oil reserves amount to something like 40 billion bbls. By contrast, Venezuela and the Saudis have something like 300 billion bbls each. Canada's oil sands have something like 150 billion bbls.
Being crude oil independent and energy independent are two different things. There would be change needed on many fronts, but it's doable between nuclear/gas/coal/oil for the US to be independent. We still have a lot of oil being burned for electricity, and we thumb out nose at coal which we have a whole lot of. Silly use for oil IMHO, but the price is right.
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Old 09-09-2016, 06:38 PM   #10
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Quote:
Originally Posted by Exodia View Post
We still have a lot of oil being burned for electricity, and we thumb out nose at coal which we have a whole lot of. Silly use for oil IMHO, but the price is right.
Not anymore. About 96% of US oil consumption is for transportation fuels--gasoline, diesel, jet fuel and bunker
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Old 09-09-2016, 07:00 PM   #11
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I think Exodia is correct that we could pretty easily be energy independent in terms of power production if we so chose. However, as you note (and as I was alluding to above), we are nowhere near energy independence if we factor in transportation and some of the other energy needs beyond power production. To do that, we would have to switch to a new energy source for cars and trucks, like battery power. That is many years off in the future. Even if all available oil and gas resources in the US were utilized and we threw open the taps, we would only get five, maybe ten if we're lucky, years of "independence". The Saudis and others will continue to have us by the nutsacks for a long time to come.

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Not anymore. About 96% of US oil consumption is for transportation fuels--gasoline, diesel, jet fuel and bunker
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Old 09-10-2016, 11:47 PM   #12
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They are not allowed to drill on most of the Federal lands where know reserves are like the Rocky Mountains.

Battery powered trucks? It takes more energy to make and recharge the batteries than can be recovered. the same for windmills.
Why not just install windmill vanes on top of the trucks so they can recharge while they drive? this would make sense to a liberal.
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Old 09-11-2016, 04:52 AM   #13
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I hope for Americans that the claims are true but
I think we all should be very wary of good news emitted
by US oil/gas companies at this stage.

Many are so financially screwed that they would say almost anything to
raise their stock and bond prices . Not just to raise new money but also
so insiders can exit at a profit .

..
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