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Saudi Arabia in Nevada: Oil in the Billions

Updated on May 4, 2012
A modern oil rig site
A modern oil rig site

America only has an energy\oil problem if it makes one by not doing what it takes to get it. The US can do without Saudi Arabian oil in the future because they have their own Saudi Arabia in Nevada, a barren state. How much oil?

Over 4 billion barrels. Geologists know it is under Nevada. The oil companies know it is probably there. The wild catters are looking. Parts of Nevada shale is so saturated with oil one can smell it easily. So, why are not the big oil companies drilling? Cost.

Nevada is not easy to drill in. There are less than 10 drilling sites in it. The cost to operate a drilling rig is $100,000 a day. The cost to build a drilling site is $2,000,000. While the odds of so much oil under the state is true, fact is, only a few drilling sites substantiate it. Geologists know the oil is there but one has to drill very deep to pump it out. It is far cheaper to drill and get oil from Indonesia, where the oil is found in shallow areas. Even pumping oil from the Santa Barbara offshore sites are much cheaper.

Nevada's major finds are in Gabbs Valley, Kibby Flat, Pine Valley and Grant Canyon (this pumps out 4000 barrels per day). All of the sites are east of Carson City, north of Vegas-out in the middle of absolutely nowhere. That is the other problem, the time, cost and effort just to get rip to the site, set up, drill and pray you hit oil.

While geologists know these areas have oil, precisely where is the dilemma. So far, it has been more miss than hit. Drilling more than 2000 ft. requires time. The Gabby site has an estimated worth of $71 billion, the Gabbs Valley site is estimated at a value of $424 billion, assuming, the oil is found and can be pumped out.

The big oil companies and China are awaiting in the wings. Waiting for one of the small wildcat companies to hit oil. When this happens, they will move in to buy up the rights etc. So far, oil at Grant's Canyon has proven geologists correct, it has produced 20 million barrels of oil on just 300 acres. This area is much larger.

This might be a good time to invest in Nevada oil.

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    • profile image

      Richard Gibson 

      6 years ago

      Note that Grant Canyon does not currently produce 4000 b/d; there is only one well in Nevada that produces more than 100 b/d (that is at 103 b/d).

    • profile image

      Buddypeach 

      6 years ago

      Have you not heard the news from US Oil & Gas?

      http://www.usoil.us/

    • perrya profile imageAUTHOR

      perrya 

      6 years ago

      The hard part is getting it!

    • Nick Hanlon profile image

      Nick Hanlon 

      6 years ago from Chiang Mai

      Didn't know about Nevada.Makes Vegas look small fry.

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