The U.S. Geological Survey (USGS) released an assessment on Wednesday detailing potential undiscovered oil and gas in two formations under much of the U.S. Gulf Coast from Texas to Florida.
The assessment found that there are technically recoverable resources of 35.8 trillion cubic feet of natural gas and 28 million barrels of oil in the Hosston and Travis Peak formations.
The assessment reveals enough gas to power the entire United States for 14 months at the current consumption rate, the agency said in a note.
“USGS energy assessments typically focus on undiscovered resources – areas where science tells us there may be a resource that industry hasn’t discovered yet. In this case, our assessment found substantial resources of gas,” said Sarah Ryker, acting director of the USGS.
The assessment focused on the Hosston and Travis Peak formations, which represent a small segment of the onshore Gulf Coast’s Cretaceous-aged rocks.
USGS said that since exploration began, the Hosston and Travis Peak Formations beneath the Gulf Coast from Texas to Florida have yielded 8 trillion cubic feet of gas and 126 million barrels of oil.
(Reporting by Noel John in Bengaluru; Editing by Will Dunham)