Texas crude oil: some positive trends

Trends in drilling effort, reserve additions, and production decline moderation appear to be closely related. The Bureau of Economic Geology analysis of original oil in place, ultimate oil recoveries, and residual oil saturations of the state's largest 450 oil reservoirs shows an estimated target of 35 billion barrels of as-yet unrecovered mobile oil, a substantial part of which can be recovered over the next 20 years using advanced technology. The resource base now under development is substantial and relatively stable, tied to exploitation efficiency rather than declining discovery rates. 5 references, 4 tables.