In the discussion here I use the term net volume to refer to
the volume of prospective rock that might be developed to produce tight
oil. For each bench of a prospective
tight oil play (Wolfcamp A would be one example of a bench) there is an area
estimate (5733 thousand acres for Wolfcamp A of Delaware) and a success ratio
(%) = 94.7, in the case of Wolfcamp A.
Net acres are the total acres times the success ratio, for Wolfcamp A,
5429 thousand net acres. On average the
Wolfcamp A of the Delaware basin is about 400 feet thick, so the net volume
would be net acres times thickness or 2172 million acre-feet. An acre-foot is a volume that is one acre
(44,000 square feet) by one foot thick or 44,000 cubic feet (or a box that is
1000 ft long by 44 feet wide by 1 foot high.)
All OPEC charts below were taken from the OPEC Oil Market Report. The data is in thousand barrels per day and is through October 2019
OPEC 14 bounced back from last month’s decline. And there were major revisions in the September data. Saudi Arabia’s September production was revised up 232,000 bpd, Nigeria’s production revised up by 96,000 bpd and OPEC 14 September production was revised up by 316,000 bpd.
