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Saturday, June 16, 2012

Massive Gas Shale Field Discovered North of Border

Posted By on Sat, Jun 16, 2012 at 10:18 AM

While Snake River Oil and Gas prepares for a battery of seismic testing in the New Plymouth area to determine where the best natural gas deposits might be, another producer has announced that it has discovered what it calls "probably the best shale gas reservoir in the world," north of the border.

The 430,000-acre shale gas field is located in northeastern British Columbia, near where the Canadian province meets the borders of the Yukon and Northwest territories. The Canadian Broadcasting Corporation reported that Apache Corporation executives estimate it contains as much as 48 trillion cubic feet of recoverable gas.

A reservoir of that size alone could possibly supply the United States with natural gas for almost two years, according to Reuters.

According to the CBC:

One of three test wells on the find produced 21.3 million cubic feet of gas per day in its first month. Apache says that would make the well one of the most productive ones in the world.

Reuters reported that John Bedingfield, the company's vice president of worldwide exploration, said Apache will hold off developing the field while gas prices remain at record lows. He described the site as "a huge resource for the future."

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