Natural Gas News – December 7, 2018

Natural Gas News – December 7, 2018

Feds Discover Largest Oil, Natural-Gas Reserve in History

National Review reported: The federal government has discovered a massive new reserve of oil and natural gas in Texas and New Mexico that it says has the “largest continuous oil and gas resource potential ever assessed.” “Christmas came a few weeks early this year,” Secretary of the Interior Ryan Zinke said of the new reserve, which is believed to have enough energy to fuel the U.S. for nearly seven years. In all, the new reserve is said to contain 281 trillion cubic feet of natural gas, 46.3 billion barrels of oil, and 20 billion barrels of natural-gas liquids, the Interior Department’s U.S. Geological Survey said. Almost a third of the U.S.’s total crude-oil production comes from the Permian Basin where the reserve was found, making it the biggest shale-oil-producing region in the U.S. “American strength flows from American energy, and as it turns out, we have a lot of American energy,” said Zinke. For more on this story visit nationalreview.com or click https://bit.ly/2Qidb2t

USGS Identifies More Recoverable Natural Gas and Oil in Permian Basin

World Pipelines reports: The American Petroleum Institute released the following statement regarding the recent US Geological Survey with new estimates for natural gas and oil in the Permian basin that show the assessments for technically recoverable resources have increased over the past decade. “Today’s announcement reflects yet another benefit of America’s shale energy revolution. Innovative technology developed by the US natural gas and oil industry has spurred our economy, strengthened our energy security and lowered costs for energy consumers,” said Mike Sommers, President and CEO of API. “Now the world’s largest producer of natural gas and oil, the US is a global energy leader at the same time we are driving down GHG emissions. For more on this story visit worldpipelines.com or click https://bit.ly/2zIKDEQ

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