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January 20, 2010

United States Could Roll Back Its Oil Production Peak Back to 1998 in 2010

US Oil production hit 168 million barrels in October, 2009 The highest month since May of 2005. If the monthly production can be increased to 174 million barrels in one month that will be the most since May of 2003. Increasing to 185 million barrels in one month would be the most since December 1998.

This was an item in a list of energy news, but I needed to raise it to its own post

Achieving net increases of 100,000 bopd means 3 million bopd per month. Add new oil fields and reduce declines in old fields. Most of the gains are coming from deep water oil.

The US ramped up about 260,000 bopd from deep water projects in the Gulf of Mexico

Another 230,000 bopd from new deep water projects are expected in 2010

North Dakota is expecting more gains in the Bakken in 2010 to as high as 500,000 bopd.

180 million barrels of oil per month is a possibility in 2010 for the USA and being able get some more production from other oil fields using multi-frac horizontal drilling or other techniques could achieve a 185+ million barrels of oil in one month in 2010. Offset declines of 3-4% (6 million barrels per month and find another 5 million barrels per month. 11 million barrels per month total or about 400,000 barrels of oil per day to go along with the expected deep water oil and Bakken oil increases.



Items 3 and 4 update this article from October, 2009




















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