Energy

US to Be Self-Sufficient by 2019 as Crude Oil Production Rises

Paul Ausick

Published: February 10, 2016 1:35 pm

Last Updated: January 13, 2020 1:20 pm

U.S. oil production for 2015 from shale formations is expected to reach 5.2 million barrels of oil equivalent per day. By 2020 the shale total is forecast to reach 8 million barrels a day. By sometime around 2019, the United States is expected to be self-sufficient in liquids production.

The compound annual growth rate production from shale plays calls for a 2015 to 2017 increase of just 2%, but that rises to 12% for the period to 2020. From total hydrocarbon production of around 15.2 million barrels of oil equivalent per day in 2015, U.S. production is expected to grow to around 22 million barrels a day.

The data and conclusions were reported Tuesday by industry research firm Rystad Energy. The data are reported only for North American shale plays.

To reach these levels, Rystad forecasts that investment in shale plays will rise from less than $100 billion in 2015 to reach about $170 billion in 2020. That is about equal to the investment level in 2014. The researchers expect 2016 investment to fall by about 35% to around $60 billion before beginning to rise again in 2017.

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