EIA to cut estimates for Monterey Shale

摘要

Washington—The US Energy Information Administration on Wednesday said it has never expected much actual oil production from California’s Monterey Shale, due to the fraught economics of drilling into the complex formation. The agency drastically cut its estimate of “technically recoverable resources” from the Monterey Shale by 96%, from 13.7 billion barrels in a 2012 study to 600 million barrels in a study to be released next month.