HOUSTON — Boosted by the galloping pace of tight oil operations, the United States produced a tenth of the world’s oil at the end of last year, the Energy Information Administration reports.
Overall U.S. oil production averaged 7.84 million barrels a day in the fourth quarter of 2013, 10 percent of the world production, up from 9 percent at the end of 2012. Shale and other dense rock, newly accessible because of advancements in hydraulic fracturing and horizontal drilling, accounted for 3.22 million barrels of the U.S. daily average during the three months ending Dec. 31.
The shale boom has given the U.S. a production rate not seen since 1988, as tight oil replaced declining production in conventional fields. Almost two-thirds of U.S. tight oil comes from South Texas’ Eagle Ford and North Dakota’s Bakken shales.
Study: Tight oil still profitable even if crude prices plummet
The Untied States is the undisputed global leader in tight oil production. Canada and Russia — the only other commercial tight oil producers — trail with 300,000 barrels per day and 100,000 barrels per day, respectively.
Most of Canada’s tight oil production comes from its western provinces of Alberta, Manitoba and Saskatchewan. Russian producers have begun extracting tight oil by hydraulic fracturing in formations in the West Siberia Basin.
Sourced from fuelfix.com on March 27th 2014.