LONDON - Nostra Terra Oil & Gas Co. PLC, a U.S.-focused oil company, is the newest member of a 10-strong consortium including majors, that plans to conduct a petrological and geological study over the Woodford Shale in Oklahoma, seeking to predict where and how hydrocarbon-liquids, such as oil, can be extracted from the traditionally gas-rich region, Nostra's chief executive officer said Monday.
The consortium, which includes majors such as Chevron Corp. down to smaller independents, will examine old and new data over a large portion of the prolific Woodford Shale region to get a better understanding of the geology and see if newer drilling techniques, such as horizontal drilling and fracking, can be used to produce oil and hydrocarbon-rich liquids, Matt Lofgran told Dow Jones Newswires in an interview.
"The technology is already there, now it's just a matter of, can we apply it to this area?," he said.
Mr. Lofgran wasn't able to give a timeframe for the study, but said that it is an ongoing process and some of the partners have already started working.
He wasn't able to estimate the cost of the study, but said: "We'll put a budget out when it's appropriate."
Mr. Lofgran hopes that apart from drilling targets and new production opportunities, the study could also lead to new partnerships.
Copyright (c) 2012 Dow Jones & Company, Inc.
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