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Page added on July 11, 2013
Texas pumping more oil than some OPEC countries
We all know oil production in Texas has soared in recent years. But putting the rise in graphic form shows just how phenomenal the energy turnaround has been: The surge looks exponential.
In March, Texas oil production reached its highest level since 1984. That month, the Lone Star State pumped more than 74 million barrels of crude from the ground, which means if Texas were a country, it would be one of the 15 largest oil producers in the world.
Texas’ oil output has doubled in less than three years, putting it in the ranks of OPEC heavy-hitters like Venezuela, Kuwait and Nigeria.
The oil boom has created housing shortages across Texas and New Mexico. And one developer wants to capitalize on the surge by erecting Texas’ sixth tallest skyscraper, which would be called Energy Tower, in a West Texas boomtown. It would be twice as tall as any nearby buildings in the town of 115,000 residents.
Drilling activity suggests the boom will continue. There are 835 drilling rigs at work in Texas — about 25 percent of all rigs in the world, according to the latest Baker Hughes rig count.
As a whole, the United States produced 221 million barrels of crude in April, with more than a third coming from Texas. Including offshore oil (about 40 million barrels), more than half of U.S. crude came from Texas and the Gulf of Mexico.
3 Comments on "Texas pumping more oil than some OPEC countries"
dsula on Thu, 11th Jul 2013 9:26 pm
what a shame. Instead of depleting the supplies of the rest of the world first…
westexas on Thu, 11th Jul 2013 10:05 pm
“Drilling activity suggests the boom will continue.”
It’s certainly a good thing for Texas that the implication is that oil wells don’t decline in Texas.
If, for example, the overall decline from existing oil wells were approaching 20%/year or so (because such a high, and increasing percentage, of production comes from rapidly declining tight/shale plays), the state would have to replace 100% of current oil production in Texas over the next 5 years, in order to maintain current 2013 crude oil production.
BillT on Fri, 12th Jul 2013 2:30 am
And next year they will need 1,670 drilling rigs.
And in 2015, they will need 3,340 drilling rigs.
And in 2016, they will need 6,680 drilling rigs.
And in 2017, they will need 13,360 drilling rigs.
And in 2018, they will need 26,720 drilling rigs.
And in 2019, they will need 53,440 drilling rigs.
And in 2020, they will need 106,880 drilling rigs…