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USA Oil Reserves
In 1944 the “Proven Reserves” of US oil were 20 billion barrels, and the United States has produced almost 170 billion barrels since that time. However, it has long been known that the United States has massive reserves of oil. The United States has more proven oil reserves than all of the rest of the nations of the World combined. EIA report that the Gulf of Mexico area, both onshore and offshore, is one of the most important regions for energy resources and infrastructure. Gulf of Mexico offshore oil production accounts for 29 percent of total U.S. crude oil production and offshore natural gas production in the Gulf accounts for 12 percent of total U.S. production. Over 40 percent of total U.S. petroleum refining capacity is located along the Gulf coast, as well as almost 30 percent of total U.S. natural gas processing plant capacity. The world now consumes 85 million barrels of oil per day, or 40,000 gallons per second, and demand is growing exponentially. There are a number of major oil fields in the North American Continent, including the North Slope, the Alberta and other Canadian provinces, the upper Mid-Central US, Pacific coast, Rockies and the offshore fields and Gulf of Mexico. The United States has 2.4 percent of the world’s "proven" oil reserves: that is, oil we know is there and can be pumped using existing technology. Most experts say the oil reserves we have are in increasingly remote locations, like offshore and in Alaska, which means it’s very likely to be costly and difficult to extract. UNCONVENTIONAL OIL AND GAS PRODUCTION North America oil and gas news update USA Oil Reserves and Canada Oil Sands in Alberta. USA Oil Import report for recent oil exploration drilling in Gulf of mexico. In its October 2010 report, GAO noted that oil shale
development presents the following opportunities for the United States: Oil shale deposits in the Green River Formation are estimated to contain up to 3 trillion barrels of oil, half of which may be recoverable, which is about equal to the entire world’s proven oil reserves. It is now widely acknowledged by the world's leading petroleum geologists that more than 95 percent of all recoverable oil has now been found. We therefore know, within a reasonable degree of certainty, the total amount of oil available to us. Any oil well has roughly the same life cycle where the production rate peaks before it goes into terminal decline. This happens when about half of the oil has been recovered from the well. We have consumed approximately half of the world’s total reserve of about 2.5 trillion barrels of conventional oil in the ground when we started drilling the first well at a current rate of over 30 billion a year, meaning the world is nearing its production plateau. Canada Oil Reserves"Canada will be producing a lot of oil from the development of these tar sands, but the quality of those reserves differs substantially from the Saudi reserves in terms of cost and ability to bring...the productive capacity on in a meaningful way," Caruso said. Oil sands development, which relies heavily on natural gas, could benefit from development and pipeline transport of large Arctic gas reserves in Alaska's North Slope and Canada's Mackenzie Delta, which under current proposals could be on-stream by 2010, the Canadian Association of Petroleum Producers official said. Canadian Association of Petroleum Producers estimates current projects will raise Alberta oil sands production to 1 million b/d this year, and continuing development will raise it further to 1.8 million b/d by 2010, according to CAPP Vice President Greg Stringham. Canada is at the beginning of an economic transformation that could see it replace the Middle East as the primary source of oil and gas, first (as it already has) to its largest consumer, the U.S., and then, more importantly, to the rest of the world. Jeff Rubin, former Chief Economist at CIBC World expressed that , if Canada really wants to be an energy superpower. Report by Government of Alberta ( 20110 - Alberta ranks third, after Saudi Arabia and Venezuela, in terms of proven global crude oil reserves. In 2010, Alberta’s total proven oil reserves were 170.8 billion barrels, or about 12% of total global oil reserves (1,469.6 billion barrels). Almost all of Alberta’s proven oil reserves are found in Alberta's oil sands. Of Alberta's total oil reserves 169.3 billion barrels, or about 99% come from the oil sands; and the remaining 1.5 billion barrels come from conventional crude oil. Notably, Alberta accounts for an overwhelming majority (more than 96%) of Canada's oil reserves. The top five sources of US crude oil imports for February were Canada (2,517 thousand barrels per day), Saudi Arabia (1,407 thousand barrels per day), Mexico (1,009 thousand barrels per day), Venezuela (890 thousand barrels per day) and Colombia (445 thousand barrels per day). The rest of the top ten sources, in order, were Nigeria (352 thousand barrels per day), Brazil (281 thousand barrels per day), Iraq (271 thousand barrels per day), Kuwait (252 thousand barrels per day) and Ecuador (238 thousand barrels per day). Total crude oil imports averaged 8,558 thousand barrels per day in February, which is a decrease of 15 thousand barrels per day from January 2012. Canada remained the largest exporter of total petroleum in February, exporting 3,048 thousand barrels per day to the United States, which is an increase from last month (3,008 thousand barrels per day). The second largest exporter of total petroleum was Saudi Arabia with 1,420 thousand barrels per day.
US
exempt Japan and 10 European countries including France
and UK from Iran Sanction |
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 North American offshore and onshore Oil / Gas FieldsThere are a number of major oil fields in the North American Continent, including the North Slope, the Alberta and other Canadian provinces, the upper Mid-Central US, Pacific coast, Rockies and the offshore fields and Gulf of Mexico. USA OilfieldsEagle Ford Shale is a hydrocarbon producing formation rich in oil and natural gas fields. The shale play area starts at the Texas-Mexico border in Webb and Maverick counties and extends 400 miles toward East Texas. The shale contains a high amount of carbonate which makes it brittle and easier to use hydraulic fracturing to produce the oil or gas. The oil reserves are estimated at 3 billion barrels with potential output of 420,000 barrels a day. Bakken shale oilfileds
- Oil was first discovered within the Bakken in 1951. The oil lies
underground in a shale rock formation stretching across western North
Dakota, northeast Montana, and into Canada's Saskatchewan Province
known as the Bakken. Utica Shale is a rock unit located a few thousand feet below the Marcellus Shale. It also has the potential to become an enormous natural gas resource. The Utica Shale is thicker than the Marcellus, it is more geographically extensive and it has already proven its ability to support commercial production. In the United States it underlies portions of Kentucky, Maryland, New York, Ohio, Pennsylvania, Tennessee, West Virginia and Virginia. It is also present beneath parts of Lake Ontario, Lake Erie and part of Ontario, Canada. Kern River Oil Field - Kern River Oil Field is a large oil field in Kern County in the San Joaquin Valley of California, north-northeast of Bakersfield in the lower Sierra foothills. Oil was discovered in this area at 70 feet in 1899. On June 1, 1899, 400 feet to the north, Horace and Milton McWhorter drilled this region's first commercial well. it is the third largest oil field in California, after the Midway-Sunset Oil Field and the Wilmington Oil Field, and the fifth largest in the United States. Midway-Sunset Oil Field is a large oil field in Kern County, San Joaquin Valley, California in the United States. It is the largest in California and the third largest in the United States. Wilmington Oil Field is a large petroleum field in Los Angeles County in southern California in the United States in terms of cumulative oil produced. Discovered in 1932, it is the third largest oil field in the United States . The field runs roughly southeast to northwest through the Los Angeles Basin, stretching from the middle of San Pedro Bay through Long Beach and east of the Palos Verdes Peninsula. The field originally contained approximately 3 billion barrels of reserves. As of 2002, approximately 90% of its original reserves had been recovered, leaving approximately 300 million barrels . Kern Front Oil Field is a large oil and gas field in the lower Sierra Nevada foothills in Kern County, California. Discovered in 1912, and with a cumulative production of around 210 million barrels of oil, it ranks 29th in size in the state, and is believed to retain approximately ten percent of its original oil (approximately 22 million barrels). Mount Poso Oil Field is a large oil and gas field in the lower foothills of the Sierra Nevada Mountains in Kern County, California. Discovered in 1926, and relatively close to exhaustion with less than three percent of its original oil remaining, it is the 21st largest field in California by total ultimate oil recovery, having a cumulative production of close to 300 million barrels. Bakersfield was founded by Colonel Thomas Baker in 1869. It was located near one of the forks of the Kern River. Bakersfield has a very diverse economy. It is the most productive oil producing county. Bakersfield has been briefly known as Baker's Field, Kern Island, and Alkaidi City. Silo Field located 10 miles northeast of Cheyenne, Discovered in 1983, mostly oil in SE Wyoming, mostly natural gas near Denver. Similar characteristics to other successful shale plays .in the US Niobrara Shale Oil Field - located in Wyoming and Colorado - ( Weld County, Yuma County, Adams County ). About 50 oil and gas companies are in the Niobrara, with most of the activity straddling the Colorado-Wyoming border. Permian Basin is a sedimentary basin largely contained in the western part of the U.S. state of Texas and the southeastern part of the state of New Mexico. The Permian Basin gives its name to a large oil and natural gas producing area, part of the Mid-Continent Oil Producing Area. Total production for that region up to the beginning of 1993 was over 14.9 billion barrels. Yates Oil Field is a giant oil field in the Permian Basin of west Texas.Yates oilfield has produced more than one billion barrels of oil, making it one of the largest in the United States.In 1926, a partnership consisting of Mid Kansas Oil Company (part of The Ohio Oil Company, the ancestor of Marathon Oil) and Transcontinental Oil, drilled an exploratory well on the Yates ranch . Prudhoe Bay Oil Field is a large oil field on Alaska's North Slope. It is the largest oil field in both the United States and in North America, covering 213,543 acres and originally containing approximately 25 billion barrels of oil. The amount of recoverable oil in the field is more than double that of the next largest field in the United States, the East Texas oil field. The field is operated by BP; partners are ExxonMobil and ConocoPhillips Alaska. The field is located 640 km north of Fairbanks and 1,050 km north of Anchorage, 400 km north of the Arctic Circle, and 1,900 km from the North Pole. Commercial oil exploration started in Prudhoe Bay area in the 1960s and the field was discovered on March 12, 1968, by Atlantic Richfield Company (ARCO) and Exxon, with the well Prudhoe Bay State #1. Kuparuk oil field located in North Slope Borough, Alaska, United States, is the second largest oil field in North America by area. It produces approximately 230,000 barrels per day. Kuparuk was discovered by Sinclair Oil in April 1969 at the Ugnu Number 1 well, named for the nearby Ugnuravik Rive. East Texas Oil Field is a large oil and gas field in east Texas. Covering 570 km2 and parts of five counties, and having 30,340 historic and active oil wells, it is the second largest oil field in the United States outside of Alaska, and first in total volume of oil recovered since its discovery in 1930. Spraberry Trend Field (also known as the Spraberry Field, Spraberry Oil Field, and Spraberry Formation) is a large oil field in the Permian Basin of west central Texas. It is named for Abner Spraberry, the Dawson County farmer who owned the land containing the 1943 discovery well. South Belridge Oil Field is a large oil field in northwestern Kern County, San Joaquin Valley, California, about forty miles west of Bakersfield. Discovered in 1911, and having a cumulative production of over 1.5 billion barrels of oil at the end of 2008, it is the fourth-largest oil field in California, after the Midway-Sunset Oil Field, Kern River Oil Field, and Wilmington Oil Field, and is the sixth-most productive field in the United States. Coalinga Oil Field is a large oil field in western Fresno County, California, in the United States. It is located about half-way between Los Angeles and San Francisco, to the west of Interstate 5, at the foot of the Diablo Range. Discovered in the late 19th century, it became active around 1890, and is now the eighth-largest oil field in California. Elk Hills Oil Field (formerly the Naval Petroleum Reserve No. 1) is a large oil field in northwestern Kern County, in the Elk Hills of the San Joaquin Valley, California in the United States, about 32 km west of Bakersfield. Discovered in 1911, and having a cumulative production of close to 1.3 billion barrels of oil at the end of 2006, it is the fifth-largest oil field in California, and the seventh-most productive field in the United States. Thunder Horse oil field is a large offshore deepwater oil field in the Gulf of Mexico, around 240 km southeast of New Orleans, Louisiana. The field is being developed by BP plc and 25% partner ExxonMobil. It is the largest offshore production platform in the Gulf, with a processing capacity of 250 thousand barrels per day of oil and 200 million cubic feet per day of natural gas, and the field is believed to hold in excess of 1 billion barrels of oil. The Thunder Horse discovery well was drilled in 1999 on Mississippi Canyon block 778. It was drilled to a depth of 7,850 m from the drillship Discoverer Enterprise, hitting three intervals of oil.
Canada Oilfields Pembina oil field is one of the largest and most prolific conventional oil fields in the province of Alberta, Canada. The first oil was discovered by Mobil Oil in February 1953. Swan Hills Field located in northern Alberta, Canada. Rainbow Lake Field located in Alberta, Canada. Hibernia oil field is an oil field in the North Atlantic Ocean, approximately 315 kilometres east-southeast of St. John's, Newfoundland, Canada. The production platform Hibernia is the world's largest oil platform. Exploration drilling to map the field began in the 1960s and continued into the 1980s, with the loss of the Ocean Ranger mobile offshore drilling unit (MODU) in the process. Terra Nova is an oil field development project 350 kilometres off the coast of Newfoundland. Discovered in 1984 by Petro - Canada, the field is the second largest off Canada's East Coast. Terra Nova is the first harsh environment development in North America to use a Floating Production Storage and Offloading (FPSO) vessel, the Terra Nova FPSO. Production from the field began in January 2002. Greater Sierra Field (also called Helmet Area) is a large oil and gas field in northeastern British Columbia, Canada. It is located east and north from the town of Fort Nelson, extending to the Alberta and Northwest Territories borders. White Rose Field is an oil field development project 350 kilometres off the coast of Newfoundland. Husky Energy is the operator and 72.5 per cent interest holder in the White Rose oil fields. Discovered in 1984, the White Rose offshore oil field is located in the Jeanne d'Arc Basin 350 km east of St. John's, Newfoundland and Labrador, Canada. The field consists of both oil and gas pools, including the South White Rose oil pool. Wabasco oil sands are the fourth largest deposit of oil sands (also known as tar sands) located in Alberta, Canada. The Wabasca deposit is located southwest of the larger Athabasca oil sands deposit. Athabasca oil sands, historically known as the Athabasca tar sands due to perceived similarities with actual tar, are large deposits of bitumen or extremely heavy crude oil, located in northeastern Alberta, Canada - roughly centred on the boomtown of Fort McMurray. The Athabasca deposit is the largest known reservoir of crude bitumen in the world and the largest of three major oil sands deposits in Alberta. The Athabasca oil sands first came to the attention of European fur traders in 1719. Commercial production of oil from the Athabasca oil sands began in 1967, when Great Canadian Oil Sands Limited (then a subsidiary of Sun Oil Company but now incorporated into an independent company known as Suncor Energy) opened its first mine, producing 30,000 barrels per day of synthetic crude oil. Cold Lake oil sands are a large deposit of oil sands (also pejoravtively known as tar sands) located near Cold Lake, Alberta. small portion of the Cold Lake field lies in Saskatchewan. Melville Island oil sands
are a large deposit of oil sands (sometimes referred to as tar sands)
on Melville Island in the Canadian Arctic Archipelago. Oil sands deposits
were found in the Marie Bay region in 1962, and other locations that
are part of the Bjorne Formation. |
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North America Oil Drilling News
USA Oil Reserves | Canada Oil Sands , USA Oil Import, Canada oil pipeline
North America oil and gas news update USA Oil Reserves and Canada Oil Sands in Alberta. USA Oil Import report recent oil exploration drilling in Gulf of mexico. USA major Oilfields discovery.