New Mexico responsible for astonishing amount of all U.S. oil production growth
According to the U.S. Energy Information Administration (EIA), New Mexico was responsible for an astonishing 50 percent of all U.S. oil production growth in 2022.
Oilprice.com reports, “For the third year in a row, New Mexico’s oil production growth eclipsed the growth of crude output in any other U.S. state, including Texas, the biggest U.S. oil-producing state and also home to part of the Permian shale basin.”
“Crude oil production in New Mexico jumped by 300,000 (barrels per day) bpd to 1.6 million bpd in 2022, a record for the state, the EIA has estimated.”
Crude oil production declined for the eighth year in a row in California and for the fifth year in a row in Alaska.
“North Dakota, which had been one of the leading states in oil production growth in the past decade, saw oil production fall for the third consecutive year in 2022,” the report notes.
“The administration forecast in its Short-Term Energy Outlook (STEO) in May that U.S. crude oil production would continue to increase this year and next. Total U.S. crude oil production is set to climb to 12.5 million bpd in 2023 and to 12.7 million bpd in 2024, according to EIA’s most recent estimates.”
The EIA wrote, “More drilling activity leads to more oil production growth, and we follow the number of active drilling rigs reported by Baker Hughes. Based on this data, the number of land rigs increased by 8 in New Mexico, by 100 in Texas, and by 85 in all other states combined in 2022. In 2023, through the first week of May, the number of land rigs decreased in Texas by 8 and increased in New Mexico by 5.”
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