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Mark Green

Mark Green
Posted June 16, 2015

U.S. Crude Production Boost Could Be Near – EIA Economist

PlattsStabilizing crude oil prices and falling drilling costs could soon boost US production by hundreds of thousands of barrels per day, an upstream oil and gas economist with the US Energy Information Administration, said Monday.

"We're starting to see a turn in production," Grant Nulle said during a panel discussion at EIA's annual conference. "Conditions are conducive for this to happen."

While recent EIA data has shown production declines at existing wells have outpaced production from new wells, a rebound is likely as operators focus on the most efficient wells and look to increase well completions amid falling costs and continued availability of capital, Nulle said.

In a recent survey of 85,000 wells drilled between 2012 and 2014, initial production rates have roughly doubled, he said.

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ABOUT THE AUTHOR

Mark Green joined API after a career in newspaper journalism, including 16 years as national editorial writer for The Oklahoman in the paper’s Washington bureau. Mark also was a reporter, copy editor and sports editor. He earned his journalism degree from the University of Oklahoma and master’s in journalism and public affairs from American University. He and his wife Pamela live in Occoquan, Va., where they enjoy their four grandchildren.