U.S. Holds More Oil Than Saudi Arabia or Russia, Rystad Energy Says

[Valin]

Bloomberg:

More than 50 percent of the remaining oil reserves is in unconventional shale oil, according to new data from Oslo-based consultant Rystad Energy.

Christopher Sell

July 5, 2016

 

The U.S. holds more recoverable oil reserves than either Saudi Arabia or Russia, according to Oslo-based consultant Rystad Energy.

 

 

For the U.S. more than 50 percent of the remaining oil reserves is in unconventional shale oil. Texas holds more than 60 billion barrels of shale oil according to the new data.

 

(Snip)

[Valin]

America Is the New Oil #1, Thanks to Fracking

July 5 2016

 

(Snip)

 

This development comes courtesy of the shale boom, of course, as hydraulic fracturing and horizontal well drilling have “unlocked” vast reserves of oil and gas previously thought to be inaccessible. Those dual technologies have fundamentally transformed America’s energy landscape, unleashing a veritable flood of hydrocarbons on the U.S. market and, now that LNG and crude oil exports are now in play, on the global market as well.

 

This energy revolution has happened virtually overnight, as well. At the start of 2010, the United States was producing roughly 5.5 million barrels of oil per day. Compare that to last summer, when U.S. production topped 9.6 million bpd, and you get an idea of the scale of shale. Sure, America’s output has tapered over the past year as a result of falling crude prices (production is now around 8.6 million bpd), but these new estimates of America’s recoverable reserves paint a rosy picture for the future of our energy security. The U.S. has more oil left to produce than any other country, and it has an industry that’s chomping at the bit to find new and better ways to get that crude out of the ground. All hail shale!