The US Geological Survey released its assessment of the potential for undiscovered oil and gas in formations under the Santa Maria Basin geologic province under Santa Barbara County and part of San Luis Obispo County, California, assessing that there are technically recoverable resources of 67 million barrels of oil and 56 billion cubic feet of gas.
Since exploration began in the area in 1901, the Santa Maria Basin geologic province has produced 900 million barrels of oil—as much oil as the US consumes in six weeks at the current rate of consumption. The assessment includes the onshore and state waters of the province and does not include offshore areas.
“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, after more than 100 years of production, the Santa Maria Basin has little remaining undiscovered oil or gas, indicating a need for new resources,” said Ned Mamula, Director of the USGS…