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USGS assessment identifies substantial oil and gas in Gulf formations
Summary
A U.S. Geological Survey assessment estimates roughly 28 million barrels of undiscovered oil and about 36 trillion cubic feet of natural gas in the Hosston and Travis Peak formations across parts of the Gulf Coast, a finding the Interior Department says bears on regional energy planning.
The U.S. Geological Survey released an assessment this week estimating roughly 28 million barrels of undiscovered oil and about 36 trillion cubic feet of natural gas in the lower Cretaceous Hosston and Travis Peak formations across parts of the Gulf Coast.
The report, covering eight areas along the Gulf Coast, provides point estimates rather than proven reserves, and the department presented the figures as potentially influential for regional energy planning. The assessment identifies the Hosston and Travis Peak formations as concentrated sites of the undiscovered resources, with impacts described for Texas, Louisiana and neighboring states.
The Interior Department said the study represents one of the more comprehensive evaluations of these formations. The department and the USGS characterized the numbers as estimates; the figures are subject to change as further exploration and appraisal occur.
The assessment did not include timelines or specific leasing recommendations in the announcement excerpted in the department’s weekly roundup. No formal Departmental action was announced alongside the release.
