September 14, 2024

US crude oil and lease condensate production forecast to 2040 by American Petroleum Institute (API) gravity (relative density of petroleum liquids).

• 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.

Note: Due to limitations in source data, this chart represents only estimates of lease condensate production.

See Also:

US Oil and Lease Condensate Production Forecast to 2040

References:

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