Producers in the United States will continue to rely on oil and gas wells to produce sufficient levels of energy in the coming years, according to a new report.
The Energy Information Administration (EIA) has already projected that the U.S. will become the world's number one oil producer, and now, according to a report from Fox Business, the organisation is suggesting the country's natural gas production could outpace consumption by 2020. If this prediction is accurate, the United States could become a powerful natural gas exporter. It will ultimately depend on investments, policy changes and innovations made in the natural gas industry, but analysts are currently optimistic.
This is all part of the United State's concentrated effort to overtake Saudi Arabia as the world's number one supplier of energy.
In a report, EIA administrator Adam Sieminski compared the United States' increased output to that of Saudi Arabia and suggested the two could be in a heated race to become the world's top producer. While producers in the U.S. are making strides by investing in innovative oilfield equipment, Sieminski believes that Saudi Arabia could also invest in better infrastructure and tools to keep up.
"The U.S. is clearly making gains but Saudi Arabia is still an incredibly important lynchpin in global oil markets," Sieminski said.
Regardless, U.S. producers of oil and natural gas have an immense amount of pressure on them to perform and deliver adequate levels of energy to satisfy a growing demand. It is crucial that these companies invest in proper technology to build operational efficiency and increase extraction speeds. drill stem testing is also important as it will help producers determine whether or not their efforts in a particular area are worthwhile.
Working with an oilfield technologies provider can help producers acquire the best solutions for their needs.