The Houston-based energy company Apache has made what is being touted as one of the biggest oil discoveries of the past decade right here in the state of Texas.
The discovery, dubbed "Alpine High," holds at least 3 billion gallons of oil. According to Fuelfix, that's nearly one year's worth of crude oil production in the U.S.
Alpine High is located near the Davis Mountains. The Wall Street Journal reports that geologists and engineers had previously overlooked the location because they believed it had too much clay for hydraulic fracturing, a process in which sand and water are blasted into rocks to extract oil and energy.
The find could be worth an estimated $8 billion or 10 times more, according to company estimates.
Alpine High sits in the southwest section of the Permian Basin, a large sedimentary basin that stretches from West Texas to New Mexico. The region has yielded oil and gas for the past 100 years, but this could be the biggest discovery yet.
In recent years, energy producers have been able to profitably extract oil and energy from the region's geology using new technology.
Apache bought the land for $1,300 an acre, a fraction of the $20,000-$30,000 per acre price other equity firms have paid for land in the region.