The EIA says that US oil production will peak out in 2015 about 9.3 million barrels @ day. I’ve long thought they were off. But not because I thought the Baakken or the Eagle Ford would peak out in 2015. I’ve believed that that was true. Rather I thought that the Permian Basin production rate increases would go parabolic starting sometime next year —because companies like EOG and others would transfer the skills they learned in the Baaken and eagle ford to the permian to ratchet up oil production.
But this article shows that the Baaken has a ways to go. If this is true for the Baaken its also true for Eagle ford and a host of others.
You miss my underlying point on all this: There is no other place like the Bakken in this country.
No other place has as large a % of its extent truly commercial. Maybe up to 50%.
Eagleford? Maybe 10% as only a very tiny window, albeit long, holds commerciality.
The tough thing is to extract liquids from such poor quality rock. Just won’t flow.
Now gas is something else. It will flow and flow well if properly completed.
Our abundance is not in oil, it is in gas.
I work the Bakken and have 41 years analyzing reservoirs as a reservoir engineer.