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October 07, 2012

EIA Forecasts 2.5 Million bpd in Texas and 1 million bpd in North Dakota by January 2014

Texas oil production has increased about 770,000 bbl/d since January 2009, and in July 2012 averaged 1.925 million bbl/d. Texas has seen the largest volumetric increase of any state. The Permian Basin, which was already producing significant quantities of conventional oil, has experienced increases in oil production from both conventional and shale plays. EIA forecasts Western Gulf Basin production to rise to almost 930,000 bbl/d and Permian Basin production to reach 1.55 million bbl/d by January 2014.

EIA is thus forecasting Texas to have almost 2.5 million bbl/d by January, 2014.

The EIA forecast is currently here

The Bakken tight oil formation has accounted for nearly all of the new production in North Dakota. EIA forecasts total Williston Basin production, including North Dakota and Montana, will approach 1.1 million bbl/d by January 2014.







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