New federal study estimates undiscovered, technically recoverable resources in Wolfcamp shale and Bone Spring Formation in Permian’s Delaware Basin. The Wolfcamp shale and overlying Bone Spring Formation in the Delaware Basin portion of Texas and New Mexico’s Permian Basin province contain an estimated mean of 46.3 billion barrels (bbl) of continuous (unconventional) oil, according to a new U.S. Geological Survey (USGS) assessment. In addition, the USGS analysis finds that the Wolfcamp holds 281 trillion cubic feet of natural gas and 20 billion bbl of natural gas liquids. The USGS – part of the U.S. Department of the Interior – stated that the figures refer to undiscovered, technically recoverable resources. “Christmas came a few weeks early this year,” U.S. Secretary of the Interior Ryan Zinke said in a written statement Thursday from his department. “American strength flows from American energy, and as it turns out, we have a lot of […]