Oil drilling and production are slowing down, though U.S. companies this year will still pump more oil than they did in 2014.
The U.S. Energy Information Administration said Friday it expects declining drilling activity, especially in the second half of the year, due to falling crude oil prices.
But existing wells and those that are soon to come online in fields like the Eagle Ford Shale will keep adding to U.S. output. The U.S. is expected to produce around 9.3 million barrels of crude oil daily in 2015, up around 700,000 daily barrels from last year.
The EIA says:
“Many companies will redirect investment away from marginal exploration and research drilling and into core areas of major tight oil plays. However, projected oil prices remain high enough to support development drilling activity in the Bakken, Eagle Ford, Niobrara, and Permian Basin, which contribute the majority of U.S. oil production growth.”Continue reading this article by clicking right here.
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