History and Success
In 1947, hydraulic fracturing was performed as an experiment. The initial commercial success resulting from utilizing hydraulic fracturing began in 1949. As of 2012 there were millions of active hydraulic fracking operations around the world. Over a million are being performed in North America. The fastest growing oil-production operations outside OPEC are now in North America. Experts estimate production will increase over 10 percent between 2010 and 2016.
Tight Shale Oil
This is oil located in sedimentary rock formations. The flow of oil from these rock formations is limited by fine grained rock. Most of the oil produced in this situation is from stone associated with shale that has generated oil. This type of rock will require techniques to stimulate it that involve hydraulic fracturing and horizontal drilling.
North American Shale Oil
According to a report prepared by the U.S. Department of energy, there is approximately 24 billion barrels of oil located in North American shale oil formations. This is oil that is able to be recovered. The Monterrey/Santos basin is estimated to have over 15 billion barrels of oil. In the Bakken range and Eagle formation it is estimated to each provide over 3 billion barrels of oil.
Hydraulic Fracturing Benefits
The development of the tight shale oil extraction techniques has the potential to provide significant financial benefits to the economies in North America. This will provide a number of high-paying and long-lasting jobs. It also provides lease and royalty payments to various government entities and private citizens who own land. This will increase the amount of taxes that can be collected by governments. It will also decrease dependence on foreign sources of oil. It is estimated the oil and gas industries in North America will provide trillions in revenue to local and national economies.
Drinking Water Protected
The oil and gas industry is highly regulated. There are a strictly enforced regulations designed to protect water resources during the oil and gas drilling process. Aschere Energy Dallas knows that fracking is a technology that has proven itself safe. It has been used without incident and is able to effectively protect groundwater zones.