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How much oil is recoverable?
The USGS estimates that there may be 4.4 to 11.4 billion barrels of undiscovered, technically recoverable oil in the Bakken Formation (with a mean estimate of 7.4 billion barrels).
How much does it cost to drill an oil well in the Permian Basin?
The study found that drilling costs range from $100 to $200 per foot of total depth for onshore wells. Some modern wells in the Midland Basin of the Permian targeting the prolific Wolfcamp can have a total depth of 8,000 vertical feet (ca. 3Q16), which would work out to around $1.6m for drilling alone.
Is Shell selling Permian assets?
One of the world’s largest energy producers sold its Permian Basin assets to a Texas-based operator for $9.5 billion. Royal Dutch Shell announced the deal Sept. In total, Shell’s Permian assets sold to ConocoPhillips make up about 225,000 acres, along with about 600 miles of pipelines.
How much oil is in the Delaware Basin?
The Delaware basin has around 45,000 oil and gas wells down in the southeast part of New Mexico – near the towns called Carlsbad and Artesia and not far from Carlsbad Caverns. A map of oil and gas wells drilled and fracked in the past few years makes an impressive sight.
How much does the average oil well cost?
Onshore wells can be considerably cheaper, particularly if the field is at a shallow depth, where costs range from less than $4.9 million to $8.3 million, and the average completion costing $2.9 million to $5.6 million per well.
How much is the Orogrande basin worth?
Torchlight and Metamaterial’s current share prices suggest an implied value of $1,000 per net acre for the Orogrande Basin assets.
Is there oil in the Orogrande basin?
Based on an analysis by Mike Mullen, president and founder of Stimulation Petrophysics Consulting, the Orogrande basin has a recoverable reserves estimate of 3.7 billion barrels of oil equivalent, the Plano, Texas-based company said.
How much oil and gas is in the Permian Basin?
As of 2018, the Permian Basin has produced more than 33 billion barrels of oil, along with 118 trillion cubic feet of natural gas.
How much oil is left in the Permian Basin?
The Permian Basin is one of the oldest and most well-known hydrocarbon-producing areas. Since the first well drilled in the basin in July of 1920, over 30 billion barrels of crude have been recovered, with experts predicting there are at least 20 billion barrels remaining.