It is commonly said that those who seek the most, find the most, and that can also translate to the energy landscape. The United States has been playing “both sides” for some time now, producing both hydrogen from a “rainbow” of colors and nuclear energy. What no one expected, however, is the “blackest” source ever seen, worse even than those to be banned in the short to medium term. Far from extracting dangerous energy on an experimental basis, they are producing 2.1 billion liters per day.
America could be “the new Emirates”, but there’s no good news: The current, unprecedented situation
Crude oil production in the U.S. has been on an upward trend and has recently achieved new records, changing the energy outlook. By August 2024, field production of crude oil in the United States will reach a truly remarkable 13 million barrels per day. That’s why we are not talking about good news.
This, however, was an improvement from the previous years and posted a testament to the country’s growing mop in the oil sector. The expansion has been smooth and progressive, and year-on-year production enhancement has become the standard. This increased production has not only strengthened the American economy, but has also brought significant changes to the oil market.
Technological innovation is a principal factor behind the increase in US oil production increase, as are improvements in extraction technology. Fracking, along with the horizontal drilling technology, has made oil resources that were either technologically or economically unrecoverable from now on.
The problem is not the current situation, but the future projects: Here’s a glimpse of what’s happening
The US oil industry remains active in the acquisition of new projects and the growth of the existing ones, with a view to ensuring that the production rates are sustained or even improved. Some notable current projects include:
In the Permian Basin, which covers parts of Texas and New Mexico, major oil firms and independent producers are continuously ramping up their production activities.
Gulf of Mexico Deepwater Projects: Although emphasis has been on the shale resource on land, Deepwater in the Gulf of Mexico is still important for United States oil production.
One key area of additional investment expenditure is the application of enhanced oil recovery (‘EOR’) techniques, in order to drive higher recovery and thereby the useful economic life of older facilities from certain mature reservoirs.
These states could be making a historic failure: What will happen with crude oil from now on
While crude oil production occurs in many states across the U.S., a handful of states dominate the landscape:
Texas: The Lone Star State still remains the king of the U.S. oil production. Texas, and especially the western region known as the Permian Basin, which spills over into New Mexico, is the main producer of oil.
New Mexico: As will be seen from its proportionate share of the Permian Basin, New Mexico has been experiencing a surge in oil production in the recent past.
North Dakota: Rising again with the Bakken shale formation still leads the way as one of the key contributors to US oil production.
Alaska: The state still remains one of the leading oil producing states in the U.S., despite the known fact that its fields have started producing at a declining rate in comparison to the initial rates.
The extraction of crude oil in America is a contradiction in itself, now that states like Texas are developing very ambitious and 100% renewable projects (remember the Hydrogen City we talked about this week). Will we end up depending on “black energy” as Saudi Arabia or Qatar do? Let’s hope we don’t get to that point, although even these two countries don’t look like staying in that situation for long now that they have started to diversify (remember Saudi Vision 2030).
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Publish date : 2024-08-26 00:50:00
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