• 1 hour Rosneft Signs $400M Deal With Kurdistan
  • 4 hours Kinder Morgan Warns About Trans Mountain Delays
  • 10 hours India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 15 hours Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 19 hours Russia, Saudis Team Up To Boost Fracking Tech
  • 1 day Conflicting News Spurs Doubt On Aramco IPO
  • 1 day Exxon Starts Production At New Refinery In Texas
  • 1 day Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 2 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 2 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 2 days China To Take 5% Of Rosneft’s Output In New Deal
  • 2 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 2 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 2 days VW Fails To Secure Critical Commodity For EVs
  • 2 days Enbridge Pipeline Expansion Finally Approved
  • 2 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 2 days OPEC Oil Deal Compliance Falls To 86%
  • 3 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 3 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 3 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 3 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 3 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 3 days Aramco Says No Plans To Shelve IPO
  • 6 days Trump Passes Iran Nuclear Deal Back to Congress
  • 6 days Texas Shutters More Coal-Fired Plants
  • 6 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 6 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 6 days Chevron Quits Australian Deepwater Oil Exploration
  • 6 days Europe Braces For End Of Iran Nuclear Deal
  • 7 days Renewable Energy Startup Powering Native American Protest Camp
  • 7 days Husky Energy Set To Restart Pipeline
  • 7 days Russia, Morocco Sign String Of Energy And Military Deals
  • 7 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 7 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 7 days India Needs Help To Boost Oil Production
  • 7 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 7 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 7 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 7 days District Judge Rules Dakota Access Can Continue Operating
  • 8 days Surprise Oil Inventory Build Shocks Markets

Breaking News:

Rosneft Signs $400M Deal With Kurdistan

Alt Text

This Unexpected Move Could Derail Mexico’s Oil Boom

A possibly disastrous move from…

Alt Text

Is The Bakken Profitable At $50 Oil?

The Bakken remains the second…

Alt Text

The Permian Boom Is Coming To An End

There are signs that the…

US Tight Oil Reaches 10% of World Production

US Tight Oil Reaches 10% of World Production

US overall crude oil production has reached more than 10% of the world’s total production, up from 9% in the fourth quarter of 2012, according to a new report by the Energy Information Administration (EIA).

As of the fourth quarter of 2013, the US is contributing more than 10% to total global crude oil supply thanks largely to advances in hydraulic fracturing and drilling technology behind the production boom in Texas, North Dakota and other burgeoning venues in the West.

Carrying the weight of the production increase is tight oil, which averaged 3.22 million barrels per day (MMbbl/d) in the fourth quarter of 2013, pushing up the overall crude oil production average to 7.83 MMbbl/d.

The report noted that the US and Canada are the only major producers of tight oil, which refers to oil found within reservoirs with very low permeability, including but not limited to shale, and which requires advanced drilling technology to get oil and gas moving through a rock formation.

Switching to first quarter 2014 data, the EIA noted that in February, 63% of US tight oil production came from the Eagle Ford basin in south Texas and the Bakken Shale in North Dakota and Montana. Eagle Ford contributed 36% of the US total tight oil production, while Bakken contributed 28%.

Related Article: New Technology Meets An Ancient Foe In Alberta

“Tight oil production in the United States represents 91% of all North American tight oil production, with the remaining 9% coming from Canada,” according to the report.

In Canada, the bulk of tight oil production is in the country’s western provinces of Alberta, Manitoba and Saskatchewan.

Outside of North America, only Russia has succeeded in producing commercial quantities of crude oil from tight formations. The 0.12 MMbbl/d of tight oil produced in Russia in 2013 accounted for 1% of its total oil production, according to the EIA.

However, the recent launch of drilling in the Bazhenov shale in Western Siberia could change this playing field in the near future.

The Bazhenov covers 2.3 million square kilometers or 570 million acres, which is the size of Texas and the Gulf of Mexico combined and represents an area 80 times larger than Bakken.

According to the EIA, an estimated 75 billion barrels of technically recoverable shale oil resources may lie in the Bazhenov formation.

In early January this year, Shell and Gazprom Neft began drilling at Bazhenov through their joint venture, Salym Petroleum Development (SDP).

By Charles Kennedy of Oilprice.com




Back to homepage


Leave a comment
  • ttt on April 03 2014 said:
    A little correction: the EIA report says: "Tight oil production pushes U.S. crude supply to over 10% of world total" - US=10,4% of world oil production (4,3% LTO, 6,1% other oil).
  • MIttyc on April 03 2014 said:
    Something in those rusty calculators? For 7.83 million barrels a day to be 10 % of world oil production, the later would be 78.3 million barrels a day! According to all credible reports, world oil consumption 89.6 mbpd in 2012 and is estimated to get to 105 mbpd by 2016. And the US consumed at the rate of 18.9 mbpd that year. So, if the US reaches even the EIA estimated 11.6 mbpd by 2016 , including all the shale oil hype peaking at 3 mbpd, the US will have to keep importing about 6 mbpd FOREVER, until the world collectively runs out of oil, whether in 60 years or 100 years at best. So let's cut down on the hype and misleading headlines. You don't want to fool an already misinformed and gullible public out there!

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News