Tight oil bonanza
US oil production will rise by another 1 million barrels a day in 2014, defying sceptics and suggesting the tight oil surge still has momentum
US OIL output keeps hitting new milestones. In November 2013, the country’s output rose above 8 million barrels a day (b/d), reaching levels not seen since 1987. For the year, production should average more than 7.5 million b/d, or the highest it has been since 1990. Once other liquids such as natural gas liquids (NGLs) and condensate are added, production is well above 11 million b/d. Far from exhausting the potential of shale oil fields, US producers are learning to drill wells more quickly and more cheaply, freeing up capital for more drilling and research into ever more efficient production techniques. As a result, strong growth is widely expected in 2014. On an annual basis, oil output
Also in this section
19 April 2024
Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis
18 April 2024
The Norwegian energy company is concentrating its efforts on specific regions and assets that meet strict cost and carbon criteria
17 April 2024
Uzbekistan and Kazakhstan provide opportunities after Europe turns it back, while also offering another gateway to China
16 April 2024
Commentators need to shake off the myths of the past, with rising oil prices a boon for US economy