Since 2017, the Permian - along with other USA basins - has continued to expand.
In its first assessment of the DE portion of the Permian shale field that spans west Texas and New Mexico, the USGS, which is part of the US Department of the Interior, said it contains about 46.3 billion barrels of oil and 281 trillion cubic feet of natural gas.
The organization concluded then that the formation contained an estimated mean of 20 billion barrels of oil, 16 trillion cubic feet of associated natural gas and 1.6 billion barrels of natural gas liquids. "American strength flows from American energy, and as it turns out, we have a lot of American energy".
"The results we've released today demonstrate the impact that improved technologies such as hydraulic fracturing and directional drilling have had on increasing the estimates of undiscovered, technically recoverable continuous (i.e., unconventional) resources".
Southeastern New Mexico and West Texas are sitting on a sea of potentially recoverable oil and gas reserves in the Delaware Basin, according to a new report by the U.S. Geological Survey.
"Undiscovered resources are those that are estimated to exist based on geologic knowledge and already established production, while technically recoverable resources are those that can be produced using now available technology and industry practices".
In June, IHS Markit, a leading global business information provider, forecasted a "stunning" level of growth for the Permian Basin. It is the shale play that produces the most oil and also boasts the fastest rate of production growth: in November the Permian yielded 3.63 million bpd of crude and the Energy Information Administration expects this to rise further to 3.695 million bpd this month.
At the time, it was the largest pool of potentially recoverable hydrocarbons ever reported in the U.S.by the Geological Survey.
The USGS released a separate assessment in 2016 of hydrocarbon potential in the Midland Basin portion of the Permian in West Texas. "Knowing where these resources are located and how much exists is crucial to ensuring both our energy independence and energy dominance". The Delaware consists of roughly 10,000 square miles that span five Texas counties and three New Mexico counties.