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Page added on June 14, 2013

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US Oil Production Could Hit 10 MMbopd by 2040

Production

U.S. crude oil production could reach approximately 10 million barrels per day (MMbopd) between 2020 and 2040, the U.S. Energy Information Administration (EIA) reported Friday.

EIA projects in its Annual Energy Outlook 2013 report that U.S. oil production could range from 6 to 8 MMbopd over the next 30 years. However, EIA also developed a higher resource scenario, driven primarily by tight oil production, in which total U.S. liquids fuels production, including crude oil, natural gas liquids (NGL), refinery gains, biofuels and other liquid fuels, rise to over 18 MMbopd in 2040, up from 12 MMbopd ┬áin the study’s reference case.

This increased domestic production would reduce net imports to 7 percent of less of total demand compared to 40 percent in 2012, EIA noted.

“This increased production results from assumed greater technically recoverable tight oil resources, as well as undiscovered oil resources in Alaska and the offshore Lower 48 states,” EIA said in a statement.

The higher case scenario also assumes higher gas-to-liquids production of .6 MMbopd from .2 MMbopd in the Reference case and an increase in NGL production from 2.2 MMbopd to 5 MMbopd in 2040, compared to approximately 3 MMbopd in 2040 in the reference case.

U.S. tight oil production has grown primarily due to exploration and production activity in North Dakota’s Bakken play and the Eagle Ford play in South Texas, and has played a significant role in reversing the decline seen in U.S. oil production. The surge in activity in the Bakken and Texas’ Eagle Ford and Permian Basin also helped boost the real gross domestic product for North Dakota and Texas in 2012.

Alaska not only has significant conventional but unconventional oil and natural gas resources, Alaska Department of Natural Resources Commissioner Dan Sullivan told Rigzone in February. However, the state has seen a low level of exploration compared with other U.S. states due its lack of cost competitiveness compared with other regions. Alaska’s state legislature voted in April to reduce taxes for oil production in an effort to boost oil production in the state, Dow Jones Newswires reported.

RIGZONE



3 Comments on "US Oil Production Could Hit 10 MMbopd by 2040"

  1. DC on Fri, 14th Jun 2013 7:48 pm 

    RoFL!@ RigPorn.

    Im sure if they start counting siphoned gas from abandoned cars in the US of sprawl as well and recycled asphalt and tires, maybe it could reach that for a few days haha.

    Oh, and RigPorn, dont forget to count used fry oil and corn moonshine as ‘oil’ as well, every little bit helps, right?

  2. Juan Pueblo on Sat, 15th Jun 2013 1:55 am 

    Reading the title, I laughed out loud. I didn’t even bother to read the rest of it.

  3. rollin on Sat, 15th Jun 2013 1:56 am 

    18 mbd? Hold on let me stop laughing …. OK, even with every burnable liquid possible, undiscovered Alaska and the Atlantic they will never cross 12 mmbpd for even a day. More than likely by the time they start destroying the Atlantic coast, the fracking of continuous oil will be on a steady downtrend.

    NGL is butane, propane and some pentane. My car doesn’t run on that over a few percent.

    Maybe they should add bacon squeezin’s too.