Posted August 22, 2016
Shale oil and natural gas will continue to be major players in the U.S. energy mix for many years to come. In its 2016 Annual Energy Outlook, the U.S. Energy Information Administration (EIA) predicts U.S. tight oil production to reach 7.08 million barrels per day and shale gas production to reach 79 billion cubic feet in 2040. In 2015, tight oil accounted for 52% of crude oil production and shale gas accounted for 50% of natural gas production. This is all possible because of technology advances and innovations in horizontal drilling and hydraulic fracturing.