USGS: Val Verde Basin Holds 5 Trillion Cubic Feet of Natural Gas
Tuesday July 19, 2016
Everything is bigger in Texas, including natural gas reserves. The nation’s energy leader has expanded its natural gas reserves by an additional 5 trillion cubic feet, according to a recent U.S. Geological Survey (USGS) report.
The report estimates the state’s lesser-known Val Verde Basin holds at least 5 trillion cubic feet of natural gas and 187 million barrels of natural gas liquids. 15,000 wells have already been drilled in the Val Verde region, signifying that responsible development of these resources is already happening and should continue. The 5 trillion cubic feet of natural gas in the Val Verde basin translates to around 495 billion kilowatt hours of electricity or power for 45 million homes for one year (the state’s population is closer to 27 million).
Proven reserves are any volume of natural resources that are reasonably recoverable with current technology. Increased development and investment in the state’s smaller plays (including the Val Verde) resulted in a 10 percent increase in the state’s proven reserves, and is expected to continue contributing to the state’s net total reserves.
Val Verde Basin – Source: USGS
The Val Verde Basin (shown above) is located northwest of San Antonio and is part of the larger View Full Article