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US oil output to exceed 14 million bpd and then plateau, says Conoco chief
April 30, 2024
U.S. oil production will grow to exceed 14 million barrels per day and then plateau, ConocoPhillips CEO Ryan Lance forecast on Tuesday.
Output in the top U.S. shale field, the Permian basin of West Texas and New Mexico, will rise between 300,000 bpd and 400,000 bpd this year, he said in remarks at the CERAWeek energy conference.
Construction of the company's $8 billion Alaskan oil development project, called Willow, is fully underway and will take four years to complete, he said.
The Gulf Coast is poised to be a major hub for underground disposal of greenhouse gas to mitigate climate change, but questions remain over who will fund it long-term.
Efficient Approaches to Optimize Wellbores Technology and process innovations improve operational efficiencies even as companies scramble for greener fracking solutions.
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