May 11, 2022
Chart shows crude oil and condensate production from major Tight Oil producing basins in US (other producing areas, such as US Offshore, Alaska, and California are not included). After a significant Covid-19 related drop, 2020-2021 oil production in the US started to grow again, although still below its peak of 9 MM Bbl/d achieved early 2020.
- The Permian, with over 5 MM Bbl/d of current production, continues to drive overall growth of US production. This is followed by Bakken and Eagle Ford. Total production from these areas was 8.5 MM Bbl/d by the end of April 2022.
- Continued 2022 Tight Oil production growth of
1 MM Bbl/d should offset the benefit from the release of 1 MM bbl/d of Strategic Petroleum Reserve which is set to stop in September/October 2022.
- In 2023, US oil production from Tight Oil basins is expected the reach 10 MM Bbl/d.
- There are some signs that US Tight oil basins are becoming more mature with new well initial productivity declining slightly. However, it will not constrain new production growth from these areas for the next 2-3 years as well counts will continue to grow.
Source: EIA Drilling Productivity Report