EIA cuts estimate of oil recoverable from Monterey Shale by 96 percent
Originally published May 27, 2014
The Energy Information Administration (EIA) has cut its estimate of the amount of oil recoverable from California’s Monterey Shale formation by 96 percent, from 13.7 billion barrels to just 600 million, according to reports in the Los Angeles Times and elsewhere. "The EIA concluded that the technical recoverability of Monterey shale did not look as strong in 2014 because of the industry's difficulty in producing from the region," EIA Administrator Adam Sieminski told reporters in New York.
"Not all resources are created equal," Sieminski said. "It turned out that it is harder to crack the reservoirs and get the oil flowing from the Monterey" than from other shale plays in different regions of the country. New extraction methods may eventually make it economically feasible to extract the resources, he said. "The rock is there, the technology isn’t there." —R.V.
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