USGS releases assessment of undiscovered oil and gas resources in the Niobrara Formation of SW Wyoming and NW Colorado

USGS releases assessment of undiscovered oil and gas resources in the Niobrara Formation of SW Wyoming and NW Colorado

703 million barrels of oil, 5.8 trillion cubic feet of gas estimated in Niobrara Formation

RESTON, VA. — The U.S. Geological Survey released its assessment of potential for undiscovered oil and gas in the Niobrara Formation in southwest Wyoming and northwest Colorado, assessing that there are technically recoverable resources of 703 million barrels of oil and 5.8 trillion cubic feet of gas. 

The USGS assessment estimates there is enough undiscovered oil in the Niobrara Formation to meet U.S. needs for one month, and as much undiscovered natural gas as the U.S. consumes in two months, at the current rates of consumption.

This is the second recent oil and gas assessment in the Southwestern Wyoming Geologic Province, following the assessment of the Mowry Composite Total Petroleum System, which lies below the Niobrara Formation. The geologic province also produces abundant oil and gas from other formations, such as the Lance Formation, Lewis Shale, and the Mesaverde Group, none of which are accounted for in these assessments.    

 “USGS energy assessments typically focus on undiscovered resources – areas where science tells us there may be a resource that industry hasn’t discovered yet. In this case, our assessment found substantial oil and gas resources,” said Sarah Ryker, acting director of the USGS.