Breitling Oil and Gas California Morning Podcast #25

California state lawmakers and regulators’ recent bids to rein in hydraulic fracturing may give energy developers second thoughts about tapping the state’s rich Monterey Shale, but attorneys say the region’s promise of billions of gallons of shale oil means many won’t abandon hope of ever putting a well in the ground.

As advances in fracking technology have made available Monterey Shale oil once thought to be unrecoverable, oil and gas firms are salivating at the prospect of drilling in the shale, which extends more than 1,700 miles and is believed to contain 15.4 billion barrels of oil — roughly two-thirds of the U.S. total shale oil reserves.

A moratorium would force many energy firms to consider whether the Monterey’s potential riches are worth the wait, attorneys say.

Comments are closed.