Monterey Resource Estimate – 21 Million Barrels of Oil

The USGS has released the latest in its regional oil and gas assessments. The Monterey Formation in the San Joaquin Basin of California is estimated to hold 21 million barrels of oil, 27 billion cubic feet of natural gas, and 1 million barrels of natural gas liquids. This is the first USGS assessment of the Monterey to include unconventional resources as technically recoverable.