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There was also considerable discussion about the varied nature of the Monterey and what different technologies might be necessary to tap its potential.
There were clear signs the industry has not reached consensus about exploiting the Monterey.
Since the revision, the official government estimate "is kind of back to where it potentially should be," said Paul Gagnon, senior vice president of Denver based oil producer Central Resources Gold Rolex Watch Pictures
The biggest fear expressed at the conference had little to do with whether the Monterey could be successfully exploited at a reasonable price. It was that environmentalists were turning public opinion against the industry use of tools such as fracking, or hydraulic fracturing, a decades old oil field technique that activists and some state lawmakers worry could contaminate groundwater and air.
safety of fracking and using acids in oil wells.
Energy Information Administration believed as recently as last year contained roughly 14 billion barrels of oil, making it the largest shale petroleum deposit in the country.
Gagnon blamed oil companies "grand failure to communicate" for widespread concerns about fracking.
the event. But in contrast with past industry meetings, there was little hand wringing about California new fracking law. Speakers instead shared tips on how oil producers can comply with new rules requiring greater oil field monitoring and testing.
Several recommended looking for parts of the Monterey where naturally occurring seismic activity has created fractures. They said such areas appear to yield oil more easily that places without underground cracks, possibly because of the differences in pent up pressure.
A few even welcomed the federal reassessment, saying the EIA earlier estimate had raised hopes to an unrealistic level.
Government regulation was another big topic at Guess Bags Prices 2018
For example, Doug Hess, senior petroleum engineer at Bakersfield Orion California LP, said the best way to tap the formation effectively is to invest in expensive procedures such as "whole core" rock samples that must then be studied to pinpoint potential sweet spots.
Unlike the prolific Bakken Shale in and around North Dakota, the Monterey varies substantially from one area to the next, requiring oil producers to dedicate a great deal of study to understanding its geology.
Depending on where along the formation an oil company is drilling, speakers said, it may want to flush its wells with acids to make the rock easier to work with.
As has happened repeatedly at industry gatherings over the past two years, speakers called for a coordinated campaign to disseminate accurate information about the effectiveness and relative Rolex Watch Mens Gold
But on Wednesday, one speaker after another brushed aside the agency doubts. They called attention to hopeful strategies ranging from the use of acids to stimulate oil wells to fracking to a focus on geological formations naturally fractured over millions of years.
But Glen Honstein, a principal at Bakersfield Petrojen Production Co., said most oil companies don New Prada Bags have deep enough pockets to pay for core samples and other advanced techniques. He recommended going after "low hanging fruit" still plentiful in the southern Central Valley.
Last month the EIA slashed its official estimate of the Monterey potential, saying existing technology allows the industry to tap only 4 percent of that total. That deflated observers who were counting on the formation to provide a long term bonanza of oil jobs and tax revenues.
Oil industry keeps faith in the Monterey Shale
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