September 14, 2024

Lease condensate production grew to 3,200 MBbl/d in 2023 from just over 2,000 MBbl/d in 2015 due to focused drilling in condensate rich Tight Oil Basins. It is expected to remain in the 3,300 – 3,600 MBbl/d range over the forecast period. The percent of lease condensate grew to 26% of the total in 2023 – up from 23% in 2015. Lease condensate is defined as field liquids production with API greater than 45 degrees from wells classified as oil or condensate (the top 3 green bands below grey ‘Unknown’ in the chart). Many wells produce oil, gas, and condensate at the same time. The ratio of crude oil and condensate changes over time. The production for any given period is measured as volumes delivered from lease storage tanks. Due to limitations in source data, this chart represents only estimates of lease condensate production.

Source of Historical Data: EIA Crude Oil and Lease Condensate Production by API Gravity