According to Geological
statistics, the United States' current reserves of oil and gas are increasing rapidly. Why? In
part, it's because new assessments of national reserves are starting to account for advances in technology. As technologies
like frac and injection improve our ability to recover oil and gas, the total amount in reserve has spiked. But this is not
the only factor that has increased our reserves. New oil and gas finds have also been adding to our totals. For a description
of these new finds, continue below.
Spanning from Modesto in the north to Bakersfield in the south, Central California's San Joaquin Basin holds an estimated 393
million barrels of oil and 1.7 trillion cubic feet of natural gas. Since these figures describe only what can be currently
developed, the USGS also released a forecast stating that 3.5 billion barrels of oil may be recoverable from the basin in the
future. A majority of this future oil is projected to come out of the Monterey Formation which is an emerging shale play that
stretches across much of California. In the end, this may mean that some of the
jobs in Long Beach will have to
relocate a few miles north over the coming years.
Found stretching from Eastern Texas through Western Louisiana, the
formation is likely to be the fourth largest natural gas find in the world. Various sources indicate that it holds between 230
and 250 trillion cubic feet of retrievable natural gas in reserve. Located at depths between 10,000 and 14,000 feet below the
earth's surface, this is enough natural gas to supply the U.S.'s total domestic demand for over 10 years. As recently as 2008,
the Haynesville formation was responsible for creating approximately 32,000 jobs while contributing $4.5 billion in revenue to
the state of Louisiana. With numbers like this it is hard not to be impressed.
In 1995 the U.S. Geological Survey
that there was an estimated 151 million barrels of oil in the Bakken Shale Formation spanning from Montana to North Dakota.
Over a decade later in 2007, roughly 105 million barrels of oil had been produced. With this, some outsiders thought that the
area was about to experience steep production declines. To their surprise, recent survey estimates put the Bakken Formation's
oil reserves between 3 and 4 billion barrels. Ultimately, this makes the
the largest single find in the
lower 48 states, even ahead of the sizable Austin Chalk Formation of Texas and Louisiana. As a result, oil rig jobs in North
Dakota and the Williston Basin are now booming.
Currently the Marcellus Shale holds the largest natural gas resource in the North East. Found under much of New York,
Pennsylvania, and West Virginia, the total amount of recoverable gas in the formation is estimated at 260 trillion cubic feet.
Although some researchers say that this number could be much higher in the future, current estimates are thought to be most
accurate based on available data. To put this into perspective, 260 trillion cubic feet of natural gas is enough to meet
roughly 12 years of U.S. consumer demand. Since statistical information about the resource is still being gathered, the number
of Mud Logging Jobs in the area is fast on the rise.
Deeper than the Marcellus is the Utica Shale Formation which covers a much larger geographical area. In fact, the Utica Shale
spans across New York, Pennsylvania, Ohio, and both Virginias. Although it is currently under production, this formation is
estimated to hold well over 60 trillion cubic feet of natural gas in reserve. With major producers rushing to stake claims,
the land lease market in Ohio has been particularly active. Even local drilling fluids companies are starting to gear up for
the coming wave of drilling activity. Ultimately, when considering local employment options it should be noted that there will
likely be some great opportunities for those wanting Mud Engineer Jobs
The last USGS assessment of Southern Alaska's oil and gas in was in 1995. At that time, it was estimated that roughly 2
trillion cubic feet of natural gas was in reserve and could be recovered at some point in the future. Since then, advancements
in surveying technology and recovery techniques have given us the ability to re-evaluate the region's resources. Now, Southern
Alaska's Cook Inlet Region alone has an estimated 19 trillion cubic feet of gas and an additional 600 million barrels of oil.
Even though a majority of Alaskan oil is produced out of the Prudhoe Bay area, this new find should increase the total number
of future oil rig jobs in Alaska.
Spread over an area roughly 400 miles long and 50 miles wide, South Texas' Eagle Ford Shale is starting to draw a good deal of
attention. Not only is the formation rich in natural gas, but it also has an estimated 3 billion barrels of oil in reserve.
According to local public officials, in 2010 the region produced approximately $2.9 billion worth of oil and provided for
12,600 full time jobs. Current estimates are that by the year 2020 the annual economic output of the region will reach $21.5
billion while supporting approximately 68,000 oil rig jobs. It truly is no mystery why all the major oil and gas producers are
starting to take an active interest in the area.
Found in the Fort Worth basin, the Barnett Shale is responsible for over $65 billion of economic activity. Within the past 10
years alone, production of the Basin's 30 trillion cubic feet of natural gas has lead to the creation of over 100,000 jobs.
According to Fort Worth's Chamber of Commerce, salaries in the region are about 8.5% higher than they would have been without
the Barnett Shale. Further, between the years of 2001 and 2011, local tax receipts showed an estimated $5.3 billion in revenue
for the state due to oil and gas drilling in the area. If this isn't a proof positive of how local economies can benefit from
oil and gas development, then what is?
Over a decade ago the Tuscaloosa Marine Shale was reported to have approximately 7 billion barrels of oil in reserve. Up until
now, widespread development of the formation had been impractical. With recent developments in fracking technology, efforts
have again turned toward producing this extensive resource. Since the formation spreads from the east border of Louisiana into
the western part of Mississippi, many of the regions' communities have eagerly anticipated the arrival of new drilling
operations. Not only is this good news for the American consumer, but local economies in both Louisiana and Mississippi will
greatly benefit from added jobs and revenues.