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CHAPTER TWO
Developments of Energy Resourrces
Slope. The estimates range from 0 up to 2 billion barrels of oil and
from 0 up to 80 trillion cubic feet of gas representing technically
recoverable oil and gas resources, which are those quantities of oil
and gas producible using currently available technology and industry
practices, regardless of economic or accessibility considerations
i
.
In its new comparison between two oil shale regions, IHS Inc.
reported that the Eagle Ford shale play in South Texas is a contender
for the best tight oil play in the USA, based upon strong drilling
results, large prospective area, and magnitude of resource potential.
The IHS assessment said typical well performance as well as peak-
month production of the Eagle Ford’s best wells exceeds wells drilled
in the Bakken Formation, often considered the tight oil standard. The
most frequent Eagle Ford well result is 300- 6,000 barrels per day for
a peak month production average, compared with 150- 300 barrels
per day for the Bakken. The best wells in the Bakken have an average
peak- month production rate of 1,000 barrels per day or more
ii
.
Within the same context, BP North America has signed an
agreement to lease 400 sq km acres in Trumbull County, Ohio, 50
km east of Cleveland, for future oil and gas production in the Utica/
Point Pleasant shale Formation. BP said it will sign confidential
agreements with individual landowners who are part of a group
known as Associated Landowners of the Ohio Valley. Terms were
not disclosed. BP described the Utica/ Point Pleasant as shale
at a depth of about 1,800 m, which is of similar thickness to the
Marcellus Shale and has the potential to deliver higher liquids rates.
The Ohio Department of Natural Resources estimated a recoverable
Utica shale potential between 1.3 billion and 5.5 billion barrels of
oil and 3.8 to 15.7 trillion cubic feet of natural gas. BP is the second
largest oil and gas producer in the US with a workforce of about 23
thousand people, making BP the country’s second largest oil and gas
i
Word Oil, 24/2/2012
ii
Oil and Gas Journal, 26/7/2012
