• 1 hour Keystone Pipeline Restart Still Unknown
  • 5 hours UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 7 hours Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 9 hours Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 11 hours German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 12 hours Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 14 hours Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 1 day Oil Prices Rise After API Reports Major Crude Draw
  • 1 day Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 1 day Gazprom Speaks Out Against OPEC Production Cut Extension
  • 1 day Statoil Looks To Lighter Oil To Boost Profitability
  • 1 day Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 1 day Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 2 days Whitefish Energy Suspends Work In Puerto Rico
  • 2 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 2 days Thanksgiving Gas Prices At 3-Year High
  • 2 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 2 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 2 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 2 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 2 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 3 days ConocoPhillips Sets Price Ceiling For New Projects
  • 5 days Shell Oil Trading Head Steps Down After 29 Years
  • 5 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 5 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 5 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 5 days Venezuela Officially In Default
  • 6 days Iran Prepares To Export LNG To Boost Trade Relations
  • 6 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 6 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 6 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 6 days Rosneft Announces Completion Of World’s Longest Well
  • 6 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 6 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 7 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 7 days Santos Admits It Rejected $7.2B Takeover Bid
  • 7 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 7 days Africa’s Richest Woman Fired From Sonangol
  • 7 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 7 days Russian Hackers Target British Energy Industry

Breaking News:

Keystone Pipeline Restart Still Unknown

Can OPEC Control The Oil Bulls In Vienna?

Can OPEC Control The Oil Bulls In Vienna?

The OPEC meeting is now…

Overcoming Wind Energy’s Biggest Obstacle

Overcoming Wind Energy’s Biggest Obstacle

New research suggests that smaller,…

EIA: U.S. Shale Output to Reach 7.1 Million Bpd by 2040

roughnecks

The extraction from U.S. shale oil and gas fields is expected to continue increasing in the upcoming years, but will fall in the short-term, according to a report published on Monday by the Energy Information Administration (EIA).

The EIA estimates shale oil production will drop to 4.2 million barrels per day (bpd) by the end of 2017 after having reached a peak of 4.9 million bpd in 2015.

The decline is “mainly attributed to low oil prices and the resulting cuts in investment” but went on to say that, “production declines will continue to be mitigated by reductions in cost and improvements in drilling techniques.”

Beyond 2017, the EIA believes that by 2040, shale oil production will increase 45 percent compared to 2015, reaching 7.1 million bpd. The growth will parallel with an expected increase of U.S. natural gas production from shale to 79 billion cubic feet a day by 2040. This represents more than double output compared to 2015 with the added bonus of no drop off in production in the short-term.

The EIA highlighted two Appalachian shale gas plays, Marcellus and Utica, for containing factors favorable for production: shallower geologic formation depths and proximity to consuming markets. Thus, both sites are expected to provide just over half of U.S. total shale gas production by 2040.

Additionally, the EIA estimates the Bakken formation located in North Dakota and Montana will be the country’s largest oil field by 2019, and will produce almost a third of the nation’s shale oil output by 2040.

The report nevertheless warned that fluctuations in oil prices could cause wild production swings by 2040 from 3 million bpd in a bullish market to 12 million bpd if prices are high.

By Erwin Cifuentes for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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