Million Dollar Check....Worth Billions?

Nick Lawton
NewsWest 9

ODESSA - It's no secret that there's a lot of oil beneath our feet here in the Basin, but thanks to a new million-dollar grant to UTPB's Department of Energy, officials says that's just the tip of the iceberg.

There's actually another oil zone buried below the main basin. 

The funds will help the university and its research partners reach deeper and flood those areas with carbon dioxide. 

That will help recover the oil down below the main basin much more efficiently, which could contribute more dollars and jobs in the long-term. 

Officials say there's no telling how much oil could be down there, but they estimate a possible ten billion barrels.

"There's about 300 feet of residual oil zones," local oilman Steve Melzer, said. "It does vary around the Basin but it's a huge target at the Goldsmith Oil Field but it's also a huge target in a lot of other places."

Only time will tell how much oil will be produced in the next few years.

Experts told NewsWest 9, those residual oil zones could be bringing it in for decades.

Unfortunately for all the drivers out there, they couldn't confirm whether or not the new production will help lower gas prices.