Department of the Interior announced the Wolfcamp Shale and overlying Bone Spring Formation in the Delaware Basin portion of Texas and New Mexicos Permian Basin province contain an estimated mean of 46.3 billion barrels of oil, 281 trillion cubic feet of natural gas, and 20 billion barrels of natural gas liquids
, according to an assessment by the U.S.
A recent assessment found the "Wolfcamp shale" geologic formation in the Midland area holds an estimated 20 billion barrels of accessible oil along with 16 trillion cubic feet of natural gas and 1.6 billion barrels of natural gas liquids
. That's three times higher than the amount of recoverable crude the agency found in the Bakken-Three Forks region in the upper midwest in 2013, making it "the largest estimated continuous oil accumulation that USGS has assessed in the United States to date," according to a statement.
Energy resources are a hot commodity in the Levant Basin days, and with 1.7 billion barrels of recoverable oil, 122 trillion cubic feet of recoverable gas, and 5 billion barrels of natural gas liquids
at stake, the Israeli defense ministry is asking for a "one-time budget increase" of about $760 million to boost its naval capacity in the Mediterranean Sea so it can better protect the country's offshore natural gas platforms.
This represents some 40 billion barrels of oil, over 1,100 trillion cubic feet of gas as well as 8.5 billion barrels of natural gas liquids
. Nevertheless, the Arctic, especially offshore, is essentially unexplored with respect to petroleum.