US Shale Update -- Forbes -- October 12, 2019

This is just a "fun" article to read, a typical Forbes article. I didn't read it closely. But, for me, it looks like a "feel-good" article.

Link here to Forbes.

The problem I'm having is this. This article was published October 3, 2019. Should the writer be considered a candidate for the Geico Rock Award for 2019?

This is the headline: Texas, North Dakota, and New Mexico Leading the US Shale Oil Revolution.

I hate to do that -- nominating the writer for the GRA-2019 -- with a "feel-good" article about the Bakken, but, heaven's sake -- seriously? That headline? Where has the writer been? His defense -- he probably did not have anything to do with the headline. I'll give the Forbes editor the nomination.

While I'm sorting that out, these are incredible statistics from the article:

• US crude oil production will steadily rise from 13.1 million bopd in 2020 to 14.2 million bopd by 2035
• U.S. crude oil pr0duction is projected to remain at least 12 million b/d through 2050, as far out as EIA currently models

2020 is next year. I find it amazing that the US will be at 13.1 million bopd production by the end of next year. I assume production in the Bakken and the Eagle Ford is about ready to plateau which means huge growth in the Permian.

The lede at the linked article:

Since 2008, the American shale oil boom has grown domestic crude production some 150% to 12.4 million b/d.

It's been a huge shale party especially led by North Dakota and Texas. The Bakken in North Dakota, and the Permian and Eagle Ford shale plays in Texas account for some 60% of U.S. crude oil production and 85% of U.S. shale oil production.

The Permian is now the largest oil field in the world, surpassing Saudi Arabia's giant Ghawar.

Also in the Permian, I would be remiss not to mention New Mexico, where crude production since 2008 has jumped 5.5-fold to around 0.9 million b/d. Since the beginning of last year, EIA reports that output in the Bakken is up 25%, the Permian up 55%, and the Eagle Ford up 10%.

There are folks who feel that New Mexico will move into second place, ahead of North Dakota in terms of oil production in just a few years.