Oil and Oil Shale
America's rich oil shale deposits likely hold 1.5 trillion barrels of oil, according to Jack Dyni, a geologist emeritus at the U.S. Geological Survey. That amount is 4 times the proven reserves of Saudi Arabia. And, it’s greater than all 12 OPEC countries combined, which have proven reserves of about 911 billion barrels of oil.
Oil shale refers to any type of sedimentary rock that contains solid bituminous materials. Through horizontal drilling and hydraulic fracturing, similar to the technique used for natural gas, developers have been able to extract new deposits of oil that were previously unrecoverable. Oil shale is also an ideal domestic source for gasoline, diesel fuel and jet fuel.
Colorado, Utah and Wyoming have as much oil as Saudi Arabia, Iran, Iraq, Venezuela, Nigeria, Kuwait, Libya, Angola, Algeria, Indonesia, Qatar and the United Arab Emirates combined. Forming millions of years ago, oil shale is the result of conditions of high temperatures and gravitational pressure that are necessary for the creation of petroleum, but that didn’t last long enough for full creation of oil. The result is oil shale, and advances in technology have allowed scientists and developers to finish the job that nature started. When these rocks are heated, oil is released from the rocks and can be collected to be refined further.
The Piceance Basin - Green River Formation
Colorado is home to one of the largest oil shale formations in the world — the Piceance Basin.
Part of the Green River Oil Shale Formation, the Piceance Basin is located in northwest Colorado. It is estimated that the formation contains 1.5 trillion barrels of shale oil, which is 4 times the proven oil reserves of Saudi Arabia, and greater than the proven oil reserves of all OPEC nations combined.
The Piceance Basin is also home to large deposits of natural gas.
Wattenberg Field
The largest energy-producing county in Colorado is the Wattenberg Field, located in the Niobrara Shale Formation in the Denver Basin. Located just north of the Denver area, Wattenberg Field is home to large oil deposits and one of the largest natural gas deposits in America.
Click here to learn more about the Wattenberg Field.
San Juan Basin
The San Juan Basin is in the southwest corner of Colorado, with a larger section in northwest New Mexico. In addition to being a major source of natural gas, it is estimated the basin could produce between 7 and 35 million barrels of oil. Additionally, a recent discovery in the Marcos area of the San Juan Basin indicates that the basin could produce up to 1.5 billion barrels of oil.
There is a significant amount of energy that can be developed from Colorado's shale formations, promoting energy and economic security for Coloradans and Americans across the country. Through pro-development energy policies, Colorado can continue to generate jobs and revenue and build America's energy security.
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