Texas tea, black gold, slippery dip — whatever you want to call it, there’s a whole mess of it down in Texas. In November, the U.S. Geological Survey (USGS) announced they discovered the largest oil deposit they’ve ever assessed in America. How big? 20 billion barrels of oil and 1.6 billion barrels of natural gas liquid. Experts estimate the find is worth $900 billion.
The deposit is located in the Wolfcamp shale, a section of the Permian Basin, which runs through West Texas.
Several energy companies have focused their assessment and drilling efforts on the Permian Basin in recent years. New drilling technology has opened up a ton of untapped oil and natural gas in the region. A couple of months ago, Houston-based company Apache made headlines with a major find in the region, but that discovery pales in comparison to the recent Wolfcamp shale find. Geologists believe there’s a lot more to find in the region.
“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,” the USGS said in a statement.