The oil & gas isn't just "waiting to be extracted".
USGS did find 1.6 billion barrels of technically recoverable oil in deep shale formations in West Texas and SE New Mexico, and 28.3 trillion cubic feet of natural gas. Extracting these is costly, not easy as its 20,000 feet below the surface, much deeper than normal drilling depth. The shale layer contains more clay, so extraction rates will be lower than normal.
Also, they haven't found the most productive areas yet that would make drilling economically worthwhile. Oil prices are low, so until oil rises to $100+ per barrel, I dont think we will see any serious efforts other than test wells.
Great that it was found, but don't expect any real extraction for at least a few years.
Guess I'll just sit on my family's oil and gas leases in West Texas and New Mexico. Our paternal great-grandfather, in his infinite wisdom, kept the mineral rights to every ranch he ever sold out there. Landmen come a-calling often, but seldom give us a reasonable price for exploration leases, so.... they sit idle. Fortunately my brother lives in TX and can negotiate all this stuff for us - I just collect my share when we get a "bite".... last contract garnered me about $5K.
When we first married after leaving the USAF, we lived in an apartment very close to Permian High School. They had just finished a $26M football field (think Friday Night Lights), and there was big $$ to be made in the area.
The oil & gas isn't just "waiting to be extracted".
USGS did find 1.6 billion barrels of technically recoverable oil in deep shale formations in West Texas and SE New Mexico, and 28.3 trillion cubic feet of natural gas. Extracting these is costly, not easy as its 20,000 feet below the surface, much deeper than normal drilling depth. The shale layer contains more clay, so extraction rates will be lower than normal.
Also, they haven't found the most productive areas yet that would make drilling economically worthwhile. Oil prices are low, so until oil rises to $100+ per barrel, I dont think we will see any serious efforts other than test wells.
Great that it was found, but don't expect any real extraction for at least a few years.
ðŸ˜ðŸ˜®ðŸ˜ðŸ™„ðŸ˜It's a rainy nite in Ga!
Guess I'll just sit on my family's oil and gas leases in West Texas and New Mexico. Our paternal great-grandfather, in his infinite wisdom, kept the mineral rights to every ranch he ever sold out there. Landmen come a-calling often, but seldom give us a reasonable price for exploration leases, so.... they sit idle. Fortunately my brother lives in TX and can negotiate all this stuff for us - I just collect my share when we get a "bite".... last contract garnered me about $5K.
When we first married after leaving the USAF, we lived in an apartment very close to Permian High School. They had just finished a $26M football field (think Friday Night Lights), and there was big $$ to be made in the area.