This is the big oil discovery in Texas, USA. Shale oil/gas technology made shale production profitable.
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An overlooked corner of West Texas is believed to contain billions of barrels of newly-discovered shale oil.
Apache revealed the huge find this week after more than two years of stealthily buying up land, extensive geological research and rigorous testing.
The Houston company estimates the discovery, dubbed “Alpine High,” could be worth at least $8 billion.
Apache believes the new shale play spans at least five formations, contains over three billion barrels of oil and 75 trillion cubic feet of rich natural gas.
“We feel very confident with what we have and believe this is a story that’s only going to get better,” Apache CEO John Christmann IV told CNNMoney.