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March 21-23,2022

LOCATION : HOME > Industry News > Shale oil’s good, but it’s not here to stay

Shale oil’s good, but it’s not here to stay

Pubdate:2018-11-14 17:32:38 Source: unknown Click: 432 times

LONDON (Bloomberg) — U.S. shale may be the darling of the oil industry right now, but the boom isn’t going to last, according to the International

Energy Agency.

 

The richest areas will have been exploited by the mid-2020s, meaning the average well drilled in 2025 will be less productive than today, the agency

said in its annual World Energy Outlook. The U.S. will still be pumping large quantities of crude from shale rock — also known as tight oil — but

output will taper off because a larger number of wells are needed to be completed to maintain or increase production. The ramifications of this can be

seen in the chart below. Crude production from nations outside the

 

OPEC dominates near-term supply growth, with the U.S. accounting for nearly 75% of the increase in global output to 2025. But this stalls as American

tight oil hits a plateau, then falls by about 1.5 MMbpd in the 2030s. The recent dearth in new approvals of conventional projects hampers growth

elsewhere.

 

“After 2025, members of OPEC are central to meeting oil demand growth,” the report said.

 

Outside the U.S, the IEA sees tight oil growth ramping up, notably in Argentina, Russia, Canada and Mexico. “There is more than 3.5 MMbpd of tight oil

production from areas outside the U.S. in 2040,” according to the report.

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