he U.S. Geological Survey has assessed significant undiscovered oil and gas resources in the Woodford and Barnett shales of the Permian Basin, finding 28.3 trillion cubic feet of technically recoverable gas and 1.6 billion barrels of oil.
USGS oil and gas assessments began 50 years ago following an oil embargo against the U.S. that signaled a need to understand the occurrence, distribution, and potential volumes of undiscovered resources, the DOI said in its statement. It added that USGS energy resource assessments provide information to policy makers on resource potential in areas of the U.S. and the world.