North America’s oil & gas production growth is the envy of the world. From the Alberta oil sands to shale plays across the US, we are getting down to business fuelling our economy. In the first five months of 2012 the US grew domestic oil production by 395,000 barrels per day to 6.2 million barrels per day.
Think about that—395,000 barrels per day growth in production is equal to about 15% of the 2.6 million barrels per day in spare productive global oil capacity—the key metric in pegging oil prices.
New technology is enabling domestic energy production growth and solving the most vexing oil patch problems. New regulations impact well operations requiring even more inspections, data gathering, reporting and validation that the rules are being followed. New technology is working on both fronts.