Increasing U.S. Oil Production Forces Prognosticators to Revisit Projections

By -
From Fuel Fix:
The number of rigs in U.S. oil fields has more than quad­rupled in the past three years to 1,272, according to the Baker Hughes rig count. Including those in natural gas fields, the United States now has more rigs at work than the entire rest of the world. 
“It’s staggering,” said Marshall Adkins, who directs energy research for the financial services firm Raymond James. “If we continue growing anywhere near that pace and keep squeezing demand out of the system, that puts you in a world where we are not importing oil in 10 years.” 
There are doubts that energy independence is that close. But many say the booming shale oil fields in Texas and North Dakota and the growth of deep-water drilling in the Gulf of Mexico will allow the nation to cut its reliance on oil imports significantly over the next couple of decades. 
Last month, the U.S. Energy Information Administration upgraded its forecast of crude production in 2025 to 6.4 million barrels per day – 1 million barrels more than were pumped in 2010. 
Previously, the EIA had projected the U.S. would peak at 6 million barrels in 2022. 
“The growth that we’ve seen in shale, that’s one of the biggest changes that’s contributing to our outlook,” said Dana Van-Wagener, a research analyst for the agency. “It’s evolving so quickly. We weren’t anticipating enough growth.”
Read the entire article here. 

Connect with us on Facebook and Twitter!

Popular posts from this blog

Do You Know The History of Fracking?

By -
Image
  In 2018, 59% of total oil production in the U.S came from hydraulic fracking, which means it accounted for more than two-thirds of domestically manufactured gas. By 2024, fracking will reach an astounding $68 billion market value! Of course, fracking is not a new drilling method as you can trace it back hundreds of years. That's why we want to consider the history of hydraulic fracturing (fracking). We will be stating historical facts about it and focusing on the major historical occurrences that have influenced modern-day fracking. Pre-Fracking Days The idea of fracking started back in 1862 when Edward A.L. Roberts (Civil War veteran) witnessed Confederate soldiers exploding artillery rounds into a canal that obstructed a battlefield. At the time, Edward A.L. Roberts called it superincumbent fluid tamping. On April 26th, 1865, Edward A.L. Roberts began experimenting with exploding torpedoes, which consisted of lowering a torpedo containing an amount of powder from fifteen to tw...
Read more

Pennsylvania Operator To Acquire Three Natural Gas Producers

By -
Image
  Last week, American Energy Partners Inc. stated its plans to acquire three oil and natural gas producers. The deal is valued at almost $11 million and includes companies in western Pennsylvania and West Virginia. American Energy Partners said it would obtain all of the stock and units of the three undisclosed companies. CEO Brad Domitrovitsch says: “ This transaction furthers our commitment to acquiring steady cash-flowing businesses while enhancing our ability to develop alternative green energy opportunities with the vast amount of acreage included in the package.”  The sale involves 467 wells currently yielding 1.25 Bcfe/d and midstream assets spread over 695 acres (includes 100% owned surface and mineral rights). Additionally, there are no drilling commitments or obligations for the properties. American Energy controls several subsidiaries, including:  Oilfield Basics LLC Hickman Geological Consulting LLC American Energy Solutions LLC Hydration Company of PA Gilbert...
Read more

Equinor Finalizes Sale of Bakken Shale Assets

By -
Image
  Equinor, a Norwegian-owned petroleum company, has finally completed the sale of their onshore assets in the Bakken Shale. Their decision to sell their assets comes after a decade of multibillion-dollar losses and criticism for their bad investment choices. Equinor has sold all its operated and non-operated acreage (along with their midstream assets) in the Bakken region in North Dakota and Montana to Grayson Mill Energy for a total of $900 million.  They will continue to operate their assets for the coming four months, after which they'll hand over all of the operations to Grayson Mill Energy. Despite this significant change of ownership, Grayson Mill Energy has stated that nearly all field staff and many of those in the maintenance teams currently on the Bakken assets will remain after the transition.  What do we know about the Equinor Bakken Shale assets?  Equinor Bakken Shale Asset The Bakken region has dramatically evolved during the last decade's shale boom an...
Read more