• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours The United States produced more crude oil than any nation, at any time.
  • 6 days e-truck insanity
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 6 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 9 days Bankruptcy in the Industry

Breaking News:

ADNOC Considered Buying Oil Giant BP

Bullish Sentiment Has Taken Hold of Oil Markets

Bullish Sentiment Has Taken Hold of Oil Markets

Oil prices surged above $90…

Iraq Has No Intention of Restarting Kurdish Oil Pipeline

Iraq Has No Intention of Restarting Kurdish Oil Pipeline

Baghdad is repairing the Kirkuk-Ceyhan…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Plains All American: Permian To See Strong Production Growth Over Next Few Years

  • Plains All American CEO sees ongoing production growth in the Permian.
  • Crude oil production in the Permian reached a record-high in December 2021.
  • EIA: total crude oil production in the United States is expected to reach 12.6 million bpd in 2023.
Permian

The biggest oil-producing region in the United States, the Permian, is expected to add around 600,000 barrels per day (bpd) annually to its crude production over the next few years, Willie Chiang, Chairman and CEO at Plains All American Pipeline, said this week.

“We expect the basin to add approximately 600,000 barrels a day annually for the next several years, and our asset base built over decades is well-positioned to capture future growth with meaningful operating leverage and modest capital requirements,” Chiang said on the pipeline giant’s Q4 earnings call on Wednesday.

“Over the longer term, we expect that North American Energy Supply will continue to play a key role in meeting global demand growth and the Permian is positioned to drive a vast majority of U.S. production growth,” the executive added.

Crude oil production in the Permian basin exceeded Plains All American Pipeline’s expectations for 2021, and exited the year at around 5 million bpd oil production, some 540,000 bpd more compared to the year-end 2020, Chiang noted.

Crude oil production in the Permian reached a record-high in December 2021, averaging 4.92 million bpd, the U.S. Energy Information Administration said in January.

But the top shale play in the United States was seen boosting output even higher, to 4.996 million bpd in January and 5.076 million bpd in February, EIA data in the latest Drilling Productivity Report for January showed. The 5-million-bpd production makes the Permian alone a bigger producer than any OPEC member except Saudi Arabia.

Total crude oil production in the United States is expected to reach 12.6 million bpd in 2023, which would be a record high on an annual-average basis, the EIA said in its latest Short-Term Energy Outlook earlier this week. The administration raised the 2023 production estimate by 200,000 bpd from last month’s forecast. The previous annual average record of U.S. crude oil production at 12.3 million bpd was set in 2019.  

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News