A report released this month shows that the Permian region in western Texas and eastern New Mexico is expected to account for over half of the nation’s crude oil production growth through 2019.
The Energy Information Administration’s (EIA) August Short-Term Energy Outlook (STEO) predicts American crude oil production will average 10.7 million barrels per day in 2018 and 11.7 million in 2019.
If the forecasts come to fruition, officials said, both levels would surpass the previous record of 9.6 million barrels per day set in 1970, with the Permian basin playing an essential role.
The outlook envisions production in the Permian basin to average 3.3 million barrels per day in 2018 and 3.9 million barrels per day in 2019.
Although favorable geology combined with technological and operational improvements have contributed to the Permian basin becoming one of the more economically favorable regions for crude oil production in the United States, recent pipeline capacity constraints have dampened wellhead prices for the region’s oil producers, according to the report.
Federal Offshore Gulf of Mexico (GOM) production is projected to grow by 158,000 barrels per day in 2019 to average 1.9 million barrels per day, the Outlook referenced, making the region the second-largest contributor to STEO’s forecast growth from 2018 to 2019.
The Bakken region is expected to hit record-high production in 2018, averaging 1.3 million barrels per day and growing to 1.4 barrels per day in 2019.
Innovative legislation will help Duke Energy Progress customers in South Carolina save $35 million in repair costs from a series…
Looking to recover costs associated with increased fuel and vegetation management expenditures, Appalachian Power and Wheeling Power recently submitted new…
As a way to aid the deployment of electric vehicle charging stations, Hawaiian Electric this week released the online Electric…
American Electric Power (AEP) released its 2024 Corporate Sustainability Report, which documents its sustainable business practices, strategy, performance and impact.…
Louisville Gas and Electric Company (LG&E) and Kentucky Utilities (KU) issued a Request for Proposals (RFP) for new solar, wind,…
Wyoming gained its first solar facility this week, and Southern Power its 30th, with the beginning of operations at the…
This website uses cookies.