2 firms explore San Juan Basin for oil and gas
Posted in the Oil & Gas Forum
#1 Sep 17, 2012
Updated: Monday, 17 Sep 2012, 10:33 AM MDT
Published : Monday, 17 Sep 2012, 10:33 AM MDT
ALBUQUERQUE, N.M.(AP)— Two large energy companies have teamed up with local producers in the San Juan Basin in northwestern New Mexico to drill wells for oil and liquid natural gas.
The Albuquerque Journal reports ( http://bit.ly/Plc2yd ) that Canada's Encana Corp. and Bill Barrett Corp., of Denver, are working with local partners to explore the Mancos Shale, a hard-rock layer rich in liquid fuels that rests between 5,000 feet and 12,000 feet below ground.
That layer is located amid dry natural gas reservoirs above and below it that have sustained the industry in the Four Corners area for decades. Producers are turning to oil and other liquid fuels trapped in the Mancos as a potential ticket to economic recovery after dry natural gas prices have suffered from 10-year lows.
Bill Barrett Corp. and a local partner estimate up to 30 billion barrels of oil are trapped in the New Mexico portion of the Mancos Shale bed, which stretches into Colorado, Utah and Wyoming. They believe at least 5 percent, or about 1.5 billion barrels, can be economically recovered.
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