USGS Maps Out Fresh Oil and Gas Potential in the Rockies

Northwest Colorado and southwest Wyoming have an estimated 3 million barrels of oil and 666 billion cubic feet of gas that are recoverable, the United States Geological Survey (USGS) said in a recent assessment.

The Phosphoria Total Petroleum System, which has been producing oil and gas since 1920, has pumped a total of 500 million barrels of oil and 2.5 trillion cubic feet of natural gas over the past 100 years, according to the USGS estimates.

The system may be nearing depletion, the USGS assessment found, despite the volumes of still recoverable resources.

“USGS energy assessments typically focus on undiscovered resources – areas where science tells us there may be a resource that industry hasn't discovered yet,” Sarah Ryker, acting director of the USGS, said in a statement.

“In this case, after 100 years of production, we estimate the Phosphoria Total Petroleum System has relatively little remaining oil and more than 600 billion cubic feet of gas.”

However, another petroleum system in Wyoming, Colorado, and Utah has much more potential, the USGS said in an assessment earlier this year.

The Mowry Composite Total Petroleum System, spanning parts of Wyoming, Colorado and Utah, is estimated to have 473 million barrels of oil and 27 trillion cubic feet of natural gas, the U.S. Department of the Interior said in May.

These resources, identified in a USGS survey assessment, could help bolster domestic energy supply and fuel local economies, DOI said.

“Public lands in Southwestern Wyoming hold significant potential, and this science-based evaluation provides critical data to help inform responsible resource management,” said Secretary of the Interior Doug Burgum.

“We Map, Baby, Map to provide updated estimates of recoverable oil and gas and equip decision-makers, communities, and industry with the knowledge they need to support job creation, domestic energy production, and long-term economic growth.”

By Tsvetana Paraskova for Oilprice.com