Posted July 28, 2014
Elite Oil Fields Redefine Meaning of Crude’s ‘Big Three’
In a new update to its drilling productivity report from last week, the Energy Information Agency said North Dakota's Bakken and Texas' Permian Basin and Eagle Ford Shale are quietly generating more than a million barrels of oil per day each–comprising at least a third of total U.S. daily oil production. Shale oil drilling generated the equivalent of nearly 90 percent of the U.S.'s total energy needs in 2013, according to EIA figures.
Mark Perry, an economist at the University of Michigan and a scholar at the American Enterprise Institute, crunched the EIA's numbers even further. His analysis suggests the output of the combined three oil fields is actually exceeding 4 million bpd, which would make them the world's fifth largest oil producer by volume.
"In all of human history, there have only been ten oil fields in the world that have ever reached the one million barrel per day milestone," the economist wrote in a recent blog post. "Three of those ten are now active in the US–thanks to the advanced drilling techniques that started accessing oceans of shale oil in Texas and North Dakota about five years ago."
Read more: http://cnb.cx/UFMK4B
More industry news:
Editorial: There’s a U.S. Energy Boom, No Thanks to Obama: http://bit.ly/1o7fLxh
Editorial: Chicago City Council: Meddling with Your Gas Tank: http://trib.in/1rXSL9d
States with Fracking are Economically Stronger, House Panel Told: http://bit.ly/UGOgDF
How Virginia Became the Oil Patch: http://on.wsj.com/1kiTkKW
ABOUT THE AUTHOR
Mary Schaper is a Digital Communications Manager for the American Petroleum Institute. She previously worked on Capitol Hill for the Senate Energy and Natural Resources Committee as Digital Director and for Senator Lisa Murkowski. Before coming to D.C., she spearheaded digital strategy for Murkowski's successful Senate write-in campaign in 2010. Schaper enjoys traveling and taking in the local culture alongside her husband, their son and loyal springer spaniel.