EIA Slashes Estimate of California's Monterey Shale by 96%

SUGAR LAND--July 3, 2014--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--The U.S. Energy Information Administration (EIA) (Washington, D.C.) slashed its estimate of technically recoverable crude oil in California's Monterey Shale by 96% last month to about 600 million barrels, from a previous estimate of 13.7 billion barrels. The agency is expected to release a detailed report on its revision in the near future. Within this article: Details on Occidental Petroleum Corporation's (NYSE:OXY) decision to sell its Monterey-based assets to Venoco Incorporated.