Record U

[Roadster]

"US field production of crude oil reached 404.6 million barrels during the month of August, new EIA data showed, for an average of 13.05 million barrels per day, breaking the previous record US drillers set in July of 401.73 million barrels. Compared to this time last year, U.S. production is up by a total of 33 million barrels for the month. Remarkably production hit all time highs even as the number of rotary US oil rigs has slumped in the past year. How is this possible?"

[dan_s]

The premium rigs used today are drilling longer laterals and more feet per day. Drilling technology has significantly improved.

[Roadster]

So Dan for years they have said that in the Permian Basin we have only developed technology to get 10% of the available oil out to date. For the other 90% it will require more technology advances. True ????????????????????????

https://oilprice.com/Energy/Crude-Oil/How-Permian-Innovations-Propelled-US-Crude-Production-To-New-Heights.html

 
How Permian Innovations Propelled U.S. Crude Production To New Heights

By ZeroHedge - Nov 02, 2023, 11:00 AM CDT

US crude oil production hit a record in August with 13.05 million barrels per day, even as the number of rotary US oil rigs declined.


The Permian basin has been the focal point for US crude supply growth, with improvements in multi-well pad technology and increased lateral well lengths.
Goldman Sachs highlights the continued capital discipline of US producers, emphasizing moderate growth targets and reinvestment rates.

[dan_s]

There is still a lot of oil in the ground, but most of the "Cheap Oil" has harvested.
> The Permian Basin is the only major U.S. oil basin with significant production upside and it is very likely to peak and go on decline within 5 years.
> It will take a MAJOR technology breakthrough to change this.
> It will also take a lot of money.