The US Geological Survey released its assessment of potential for undiscovered gas and oil in the Haynesville Formation underlying the onshore Gulf of America and adjoining state waters, assessing that there are technically recoverable resources of 47.9 trillion cubic feet of gas and 152 million barrels of oil.
Since the 1921 discovery of oil sands near Haynesville, La, the formation has produced 49.1 trillion cubic feet of natural gas, as much gas as the United States uses in 18 months at the current rate of consumption.
“The US economy and our way of life depend on energy, and USGS oil and gas assessments point to resources that industry hasn’t discovered yet. In this case, we have assessed there are significant undiscovered resources in the Haynesville Formation of the Gulf Coast,” said Ned Mamula, Director of the USGS.
The onshore Gulf Coast is a major energy production area thanks to a petroleum system and extensive exploration and production infrastructure. This assessment is limited to the Haynesville Formation, which comprises a significant portion of the onshore Gulf Coast’s resources. More than 11,000 wells have targeted the formation, of which thousands were drilled since the last USGS assessment in 2017, requiring a new look at undiscovered resources. While the assessment area stretches from the Texas-Mexico border along the Gulf of America coast to the Florida panhandle, resources are concentrated on the Texas-Louisiana border.
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