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Tuesday, May 13, 2014

Blackmon: No End in Sight for Oil and Gas Boom

The sun isn't setting on the oil & gas boom
From Forbes contributor David Blackmon:
In February, oil production in Texas hit a 34-year high, with combined oil and condensate volumes exceeding 2.9 million barrels of oil per day. For the first time in memory, Texas now produces more than 36% of all the oil produced in the United States, and if it were a separate country, Texas would now rank as the 8th largest oil producing nation on earth. Wow. 
We see endless speculation about how long we should expect the current boom in shale oil and natural gas that is happening in Texas and throughout much of the United States to last. Prophets of doom like proponents of “Peak Oil” theory and radical anti-economic growth activists like Bill McKibben say it’s all a “bubble” that will burst at any moment. 
Others actually involved in the development of shale resources tend to believe the correct answer today will be some variation on the theme: “a very long time.” One presenter at the recent Eagle Ford Consortium Conference in San Antonio, Greg Leveille of ConocoPhillips COP +0.99%, told his audience that the 25 county region that makes up the Eagle Ford Shale play should expect to see “decades and decades” of production.
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