Rystad Energy is an independent oil and gas consulting services and business intelligence data firm offering global databases, strategy advisory and research products for E&P and oil service companies, investors and governments.
April 16, 2015
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Rystad Energy estimates US annual oil production (crude oil plus lease condensate) to peak at 9.7 million barrels per day by September 2015, assuming WTI stays at 55 USD/bbl on average for the year. The average production for 2015 estimated at 9.65 million barrels per day could be an all-time high after its peak in 1970 with 9.64 million barrels per day as yearly average.
“The monthly peak is estimated at 9.7 million bbl/d by September 2015, assuming horizontal oil rig count for Bakken, Eagle Ford and Permian will stabilize at 400 rigs, which is 43% below peak,” says Per Magnus Nysveen, Senior Partner and Head of Analysis at Rystad Energy. “Production could be even higher depending on assumptions like (1) lower drilling costs, thus more barrels per dollar spent, (2) narrowing price differentials in North Dakota, and (3) reduced backlog of completed wells.”
March 31, 2015