U.S. crude oil production is surging. According to a weekly report released by the Department of Energy, producers in the United States averaged 6.818 million barrels per day for the week ending November 23 – the highest average for one week since early February 1994.
There are a number of factors that have contributed to the positive figures including rising energy demands spurred by rapidly evolving consumer technologies and a growing population. However, the primary cause of the crude oil boom is advancing oilfield equipment. Many innovative new tools give producers the opportunity to implement new practices and discover previously untapped resources.
An article in the online publication Seeking Alpha indicates this is part of a growing trend and that the future of crude oil production in the United States is optimistic.
"U.S. oil production continues to increase to multi-decade highs almost every week, as advanced drilling technologies access the oceans of shale oil in 'Saudi America.'" writes author Mark Perry. "The shale revolution continues to make the oil and gas industries among the strongest sectors of the U.S. economy, bringing much-needed and high-paying jobs, and general energy prosperity to the shale-rich states like North Dakota, Texas, Oklahoma and Pennsylvania."
While production seems to be headed in a positive direction – reports that the U.S. will become the world's number one oil producer supplement that sentiment – oil companies must ensure they are equipped with the best technologies so that they can continue to improve their extraction processes. Tools such as artificial lift can improve the speed at which oil is extracted, thus building efficiency into oilfield operations. Producers looking to enhance their practices should contact an oilfield technologies provider.