(WO) — The U.S. Geological Survey (USGS) has estimated that the Buda Limestone along the Texas Gulf Coast contains 184 Bcf of technically recoverable undiscovered natural gas and 12 MMbbl of oil, according to a new resource assessment released Thursday.

The assessment concludes that the mature formation has relatively limited remaining undiscovered resources. USGS noted that the overlying Eagle Ford Group, one of the nation's most prolific hydrocarbon-producing formations, is the primary source of the oil and gas found within the Buda Limestone.

Since production began around 1930, the Buda Limestone has yielded approximately 204 MMbbl of oil and 287 Bcf of natural gas.

"The U.S. economy and our way of life depend on energy, and USGS oil and gas assessments point to resources that industry hasn't discovered yet," said USGS Director Ned Mamula. "In this case, the Buda Limestone has little remaining undiscovered oil or gas, indicating a need for new resources."

USGS said its resource assessments are intended to help inform exploration planning, land management decisions and broader energy policy by estimating technically recoverable—but yet undiscovered—oil and gas resources in geologic provinces across the United States.

The assessment covers the Buda Limestone beneath the Eagle Ford along the Texas Gulf Coast and forms part of the agency's ongoing evaluation of domestic energy resources.