Prospects for growth in petroleum production in the United States are particularly strong due to increases in tight oil or shale reserve development. According to a recent EIA report, increase in domestic production of 1.2 million bbl/d to 8.7 million bbl/d is the largest volume increase since recordkeeping began in 1900. This increase in U.S. shale and tight crude oil production has also resulted in a decrease of crude oil imports to the U.S. Gulf Coast area, particularly for light-sweet and light-sour crude oils. These trends are visualized in the EIA’s crude import tracking tool, which allows for time-series analysis of crude oil imported to the United States.
According to the EIA, in the United States, unproved technically recoverable resources of tight oil are estimated at 58 billion barrels. This estimate includes reserves from the Bakken/Three Forks, Eagle Ford, Woodford, Austin Chalk, Spraberry, Niobrara, Avalon/Bone Springs and Monterey plays. Industry experts expect crude oil production in the U.S. to trend upward peaking around 2020.
According to the U.S. Energy Information Administration production analysis, the United States remained the world’s largest producer of petroleum and natural gas hydrocarbons in 2014. The Drilling Productivity Report recently released by the EIA provides additional detail on domestic drilling activities. The report focuses on the most active seven regions of drilling activity.