Today, the U.S. Geological Survey (USGS) announced historic findings in their Wolfcamp Shale geological assessment of undiscovered and technically recoverable oil and gas resources in the Midland Basin portion of the Permian Basin. Chairman Rob Bishop (R-UT) released the following statement:

“This latest finding confirms the enormous energy resources of our nation. By working through the regulatory hurdles imposed by this administration, we can begin to unleash the growing, untapped energy and job-creating potential on federal lands. Updated USGS resources such as the recent Mancos Shale assessment in Colorado, allow for a transparent and science-based discussion on making better use of bountiful energy resources for the American people.

“Our current unpredictable and arbitrary federal regulatory permitting processes stands in the way of our domestic energy resource base. I look forward to working with a more like-minded administration to capitalize on these fortunes, and to use them as force for economic strength at home and support for America’s allies abroad.”  

USGS estimates 20 million barrels of oil, 16 trillion cubic feet of associated natural gas and 1.6 billion barrels of natural gas liquids. To date, this is the largest estimate of continuous oil assessed and about three times larger than the 2013 assessment of the Bakken-Three Forks formations.