Sergey Novikov/Shutterstock

The largest oil deposit ever found in America has just been uncovered in Texas

That's a lot of oil.

AKIN OYEDELE, BUSINESS INSIDER
17 NOV 2016
 

The US Geological Survey (USGS) said Tuesday that it discovered what could be the largest deposit of untapped oil ever discovered in America.

An estimated average of 20 billion barrels of oil and 1.6 billion barrels of natural gas liquids are available for the taking in the Wolfcamp shale, which is in the Midland Basin portion of Texas’ Permian Basin.

 

Based on a West Texas Intermediate crude oil price of US$45 per barrel, those deposits are worth about $900 billion.

US oil exploration companies have flocked to the super-rich Permian Basin in recent years and used shale-drilling technology to create an oil boom that simultaneously helped trigger a price crash two years ago.

The count of active oil rigs fell with prices, but has risen over the past few months, mostly in the Permian. Bloomberg noted that The Wolfcamp, where this deposit was found, has been one of the primary targets of shale drillers.

"The fact that this is the largest assessment of continuous oil we have ever done just goes to show that, even in areas that have produced billions of barrels of oil, there is still the potential to find billions more," said Walter Guidroz, program coordinator for the USGS Energy Resources Program, in a statement.

More than 3,000 horizontal oil wells have already been drilled and completed in the Midland Basin Wolfcamp section, according to the USGS.

To get the oil, producers fracture, or 'frack', the earth below with a high-pressure liquid mixture to untap oil and gas from shale rock.

This map from the USGS shows the area where the deposit was found:

Midland Basin MapUSGS

This article was originally published by Business Insider.

More from Business Insider:

More From ScienceAlert

Pay what you want for this White Hat Hacker 2017 Bundle

Become an ethical hacker this holidays. 

1 day ago
The total mass of Earth's 'Technosphere' is 30 trillion tonnes
1 day ago
Tornado outbreaks in the US are getting worse, and no one knows why

Twister chains are twice as big as they used to be.

1 day ago