The Monterey reservoir has the potential to become the biggest thing to hit California since the Gold Rush and is estimated to have 500 billion barrels of oil in place.
Woodland Hills, CA (PRWEB) October 18, 2012
Infocast, the leading business intelligence and networking events producer in the oil and gas industry, is set to host Californian Oil: Unlocking the Golden State’s Shale Resources on December 4-5, 2012 in Los Angeles, CA.
The Monterey reservoir has the potential to become the biggest thing to hit California since the Gold Rush and is estimated to have 500 billion barrels of oil in place. The reservoir could greatly reduce California's dependence on foreign crude, all while providing valuable jobs along the way. However, with this comes a lot of uncertainty, especially with California’s strict-permitting, air and water regulations currently in place.
In December, the federal government – which owns below-surface rights to the mostly private land in the Monterey – is scheduled to hold the second auction of the year to lease out parcels to oil and gas companies.
However, there is a growing battle amongst environmentalists, politicians and the energy industry over the drilling technique of hydraulic fracturing. The opposition is rising among environmentalists in California and has reached New York, Pennsylvania and other states. Operators say the process does not threaten the environment or the public's health, but critics say it could pollute air and waste large amounts of water.
The environmental consulting firm, Cardno ENTRIX, released the report, “Hydraulic Fracturing Study: PXP Inglewood Oil Field,” in late 2012, which concluded that hydraulic fracturing could be done safely and seismicity could be mitigated. While this report is regarding the findings in Inglewood, CA, environmental impact statements (EIS) will be done in other regions and cities as well.
To take part in this heated debate and/or profit from one of the biggest things to hit California since the Gold Rush, Infocast’s Californian Oil is a must-attend event. Designed to bring together all the biggest players in the industry, Californian Oil is an opportunity to meet and network, dig into the issues and brainstorm solutions for today’s shale land rush in California.
For more information, to register for the summit or to participate as a speaker or sponsor, visit the event website at infocastinc.com/californianoil12 or contact Infocast Events at (818)884-4444.
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