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March 17, 2010

US Oil Production Will Increase with Offshore Oil, Bakken Oil and New California Oil

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* The first eleven weeks of 2010,US crude oil production has been stable at about 5.5 million barrels per day
* Net US oil imports averaged 8.5 million barrels per day in Dec, 2009 and are 9.2 million barrels per day so far in March, 2010
* Occidental Petroleum found in mid-2009 a big oil field in California's San Jaoqin basin. It is already producing 7,500 barrels of oil per day at the end of Jan 2009 from 15 wells. It is expected to produce 100,000 barrels of oil per day late in 2011.

* Continental Resources has 13,000 barrels of oil per day from ten wells completed in the first quarter of 2010 mostly in the Bakken oil field.

Offshore oil is on track
Perdido hub June 2010 - 100,000 barrels of oil per day
Telemark Hub March 2010 - 15,000 barrels of oil per day
Chinook and Cascade June 2010- 80,000 barrels of oil per day
Clipper July 2010 - 10,000 barrels of oil per day
Phoenix July 2010 - 25,000 barrels of oil per day



There are at least four offshore projects with 135,000 barrels of oil per day expected to start in 2011

The USA could get to over crude oil production of 6 million barrels of oil per day this year which has not been achieved since 2000.

Based on the expected offshore completions and completion of more Bakken oil wells and the Oxidental California field - August, 2010 could see the 6 million barrels of oil per day.

Oxidental Petroleum is also providing expertise to boost Libya oil production by 1 million barrels of oil per day.

Domestic crude oil production for February 2010 reached 5.5 million barrels per day, the highest level since June 2005 and 3.6% higher than February 2009. Lower 48 crude production rose 5.5% from February 2009 to 4.8 million barrels per day, while Alaskan output gained 0.3% from prior-year levels to 681,000 barrels/day.


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