May 11, 2018
Oil production from shale is up, costs per barrel are down, and rigs are drilling more horizontal wells and drilling them more quickly than ever.
The scientific knowledge acquired the past decade by North America-based oil and natural gas producers (customer operators) and subsequent technology that's emerged and is used by the companies that serve them no doubt helped propel that trend, an energy executive told attendees at Oklahoma State University's Energy Conference on Thursday.
"Operators informing service companies of their needs, and service companies responding ... has permitted what previously had been considered inconceivable," said Jerome Loughridge, president of Great Plains Oilfield Rental, part of Patterson UTI.
"Technology has led to staggering impacts."
March 5, 2018
U.S. Will Be the World’s Largest Oil Producer by 2023, Says IEA
The U.S. will overtake Russia to become the world’s largest oil producer by 2023, accounting for most of the global growth in petroleum supplies, a top industry monitor said Monday.
U.S. crude production is expected to reach a record of 12.1 million barrels a day in 2023, up about 2 million barrels a day from this year, said the International Energy Agency, which advises governments and corporations on industry trends. American oil output will surge past Russia, currently the world’s largest crude producer at about 11 million barrels a day.
January 28, 2018
Oil Boom Gives the U.S. a New Edge in Energy and Diplomacy
HOUSTON — A substantial rise in oil prices in recent months has led to a resurgence in American oil production, enabling the country to challenge the dominance of Saudi Arabia and dampen price pressures at the pump.
The success has come in the face of efforts by Saudi Arabia and its oil allies to undercut the shale drilling spree in the United States. Those strategies backfired and ultimately ended up benefiting the oil industry.
November 13, 2017
U.S. to Dominate Oil Markets After Biggest Boom in World History
The U.S. will be a dominant force in global oil and gas markets for many years to come as the shale boom becomes the biggest supply surge in history, the International Energy Agency predicted.
By 2025, the growth in American oil production will equal that achieved by Saudi Arabia at the height of its expansion, and increases in natural gas will surpass those of the former Soviet Union, the agency said in its annual World Energy Outlook. The boom will turn the U.S., still among the biggest oil importers, into a net exporter of fossil fuels.
June 8, 2017
Oil and gas mineral interests are in the spotlight—and institutions and private equity teams seeking passive income have noticed.