Abby CoppingerSCOOP and STACK reserves are expected to keep Oklahoma’s oil and natural industry among the top producing states in the nation. That also means a continued boost for our economy.
The SCOOP (South Central Oklahoma Oil Province) and STACK (Sooner Trend Anadarko Canadian Kingfisher) which runs across most of Western Oklahoma and into the Texas panhandle in the Anadarko basin.
Reserves are essentially estimates of how much oil and natural gas could be extracted from a particular region using current technology. If oil pools aren’t reachable, they’re not included as part of the reserves. And if technology improvements outpace extraction, reserves go up.
In other words, reserves are the estimated potential of production. And the potential for Oklahoma is huge.
Oklahoma holds around 4 percent of the nation’s petroleum reserves, with proved reserves more than doubling between 2007 and 2016.
As of December 2016, Oklahoma oil reserves have been proven to hold 1,693 million barrels of crude oil. That’s up by 814 million barrels since 2011.
As for natural gas, expected future production is 31,712 billion cubic feet for dry natural gas and 1,895 million barrels of liquid natural gas.
These reserves continue to put Oklahoma on the map for energy producers, but the history of production goes back more than 100 years. Between 1901 and 2002, Oklahoma produced and sold 14.5 billion barrels of oil and natural gas liquids and 90 trillion cubic feet of natural gas.
Most of the state’s current reserves are located in the SCOOP and STACK, with 69 rotary rigs currently in operation and 47,831 currently producing natural gas wells.
In 2016, technology and new exploration allowed Oklahoma to gain a net 3.7 trillion cubic feet of natural gas reserves. Ohio saw the next largest gain at 3.1 trillion cubic feet as a result of the Utica shale play.
In crude oil, Texas and Oklahoma led all states in 2016 in net increases of reserves.
With the constant development of new technology and energy innovation, reserves are bound to increase in these key plays. Keep up with the SCOOP and STACK, as well as all things Oklahoma oil and natural gas at EnergyHQ.com.