Massive Natural Gas Deposit Discovered In The Gulf Coast Basin
April 21, 2017
Technological advancements have just pushed the boundaries of recoverable oil and gas in the U.S. further, according to an announcement by the U.S. Geological Survey. The agency reported that two formations in the Gulf Coast Basin may contain as much as 304.4 trillion cubic feet of natural gas plus 1.9 billion barrels of natural gas liquids, making the area the largest untapped continuous gas deposit in the country.
The two formations - Haynesville and Bossier - also contain some 4 billion barrels of crude, according to mean estimates, the USGS also said in a press release.
Most of the newly recoverable gas is in the Haynesville formation, which contains around 195.8 trillion cubic feet. It also holds 900 million barrels of natural gas liquids and some 1.1 billion barrels of oil. The rest is in the Bossier formation.
The USGS has been reassessing a lot of oil and gas deposits across the U.S., noting how new exploration and extraction technologies have been "a game-changer" for the industry. Indeed, the last assessment of the Haynesville and Bossier formations was conducted seven years ago, and oil and gas technology has undergone major evolution since then...
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