Subscribe | Register | Log in | Advertise | Digital Issue   |   Search
  • Upstream
  • Midstream & Downstream
  • Gas & LNG
  • Trading & Markets
  • Corporate & Finance
  • Geopolitics
  • Podcasts
Search
Related Articles
Outlook 2024: Is blue the new green?
The role of gas in the energy transition
China’s gas goals face unconventional hurdles
Beijing’s strong emphasis on domestic production growth will require heavier investment from the country’s NOCs, as remaining reserves become harder to exploit
India’s growing gas appetite
Demand increasing at a clip as government plots infrastructure buildout
Europe’s gas security strategy may not be 2024 ready
The region’s rapidly evolving infrastructure has a lot to be commended for, but some of the capacity may not be ready in time for the 2024 heating season
Letter from India: Prosperity and sustainability make uneasy bedfellows
Burgeoning middle class and long-term growth from a low base at odds with energy transition efforts
Letter from Pakistan: More oil and gas needed, not less
Countries such as Pakistan will require fossil fuels for a long time to come, requiring a reframing of the narrative around the energy transition
Chevron deal energises the Bakken
The major’s acquisition deal could keep oil production in the mature play going for longer
Oil India sets ambitious drilling target
The state-owned firm will drill 60 wells in the current financial year as India strives to reduce its import dependence
Petchems Report: US a petchems hotbed while Europe struggles
Low-cost ethane has made the US a premier destination for petchems investments, while in Europe the industry faces economic headwinds
US upstream shows restraint
The disciplined spending trend seen in 2023 is likely to continue into 2024
Drilling activity in the US increased in 2022
Upstream US Gas
Craig Fleming,
World Oil
13 March 2023
Follow @PetroleumEcon
Forward article link
Share PDF with colleagues

US oil and gas output on the rise

Surging crude prices prompted increased drilling activity last year, but debt and financing issues constrained growth

Drilling activity in the US increased by 51.3pc on an average yearly basis in 2022, driving crude production up to 11.9mn bl/d and marking a 6.4pc increase compared with the 11.2mn bl/d averaged in 2021. The increased output was augmented by US companies completing a large backlog of drilled-but-uncompleted (Duc) wells in two major oil shale basins. WTI started 2022 at $83.22/bl and climbed steadily throughout the year, despite rising interest rates, fears of economic recession and restricted Russian supply caused by the war in Ukraine. Crude prices hit a 15-year high in June 2022, at $114.84/bl, before falling back down and ending the year at $76.44/bl. The surge in commodity prices caused

Also in this section
Israel-Hamas war clouds energy prospects
6 December 2023
The threat of a big disruption to energy trade in the Middle East appears to be receding, but the fog of war is casting doubt on projects in the region
Outlook 2024: Is blue the new green?
6 December 2023
The role of gas in the energy transition
Letter from London: OPEC’s new chapter
5 December 2023
Scepticism, confusion and disdain over OPEC+’s extended and deeper supply cuts should give way to an appreciation of the new multi-speed producer alliance
Canadian producers riding another M&A wave
5 December 2023
Low debts levels and the advantages of larger companies among the reasons for the rise in activity

Share PDF with colleagues

COPYRIGHT NOTICE: PDF sharing is permitted internally for Petroleum Economist Gold Members only. Usage of this PDF is restricted by <%= If(IsLoggedIn, User.CompanyName, "")%>’s agreement with Petroleum Economist – exceeding the terms of your licence by forwarding outside of the company or placing on any external network is considered a breach of copyright. Such instances are punishable by fines of up to US$1,500 per infringement
Send

Forward article Link

Send
Sign Up For Our Newsletter
Project Data
Maps
PE Store
Social Links
Featured Video
Home
  • About us
  • Subscribe
  • Reaching your audience
  • PE Store
  • Terms and conditions
  • Contact us
  • Privacy statement
  • Cookies
  • Sitemap
All material subject to strictly enforced copyright laws © 2023 The Petroleum Economist Ltd
;

Search