The United States remains the largest petroleum producer in the world, surpassing Saudi Arabia in 2017. In fact, since 2013, the United States has imported, on average, less foreign oil than it has produced. The three most prominent oil extraction sites located in the United States are the Permian Basin of the American Southwest, Eagle Ford Shale of South Texas, and the Bakken, which consumes a great amount of the American Midwest. What makes these places unique? Which oilfield operators are running the extraction game in these sites? Let’s take a look.
The Permian Basin has one of the highest levels of oil and gas production in the United States. Since the site was first established in 1921, it has produced a whopping 29 billion barrels of crude oil.
What’s allowed the Permian Basin to remain relevant? Innovation.
Most recently, new tactics in oil extraction allow companies to access oil that had previously been locked away under stacked layers of hydrocarbon-containing rock formations. This has allowed companies to reap even greater benefits from this already-potent region. These recent innovations have allowed the United States to pass Saudi Arabia in crude oil production. With 2 million barrels produced every day, the Permian is the second largest oilfield in the world.
Although there are many oilfield companies tapping into the extensive resources offered by the Permian Basin, the top five producers are:
Eagle Ford was discovered in 2008 and rose to the top of U.S. oil production because of its high carbonate shale content. This high carbonate shale makes the shale more brittle – ultimately making the fracking process easier.
The growth of Eagle Ford has been impressive. From a mere 352 barrels produced per day to upwards of 1.2 million, the region has soared to the top of the priority list for U.S. oilfield companies.
The land only promises more resources. According to the U.S. Energy Information Administration, the Eagle Ford Shale contains the second largest tight oil reserves and the third largest natural gas reserves in the country.
With a plethora of competition in the region for both natural gas and oil extraction, the five leading oilfield operators in Eagle Ford are:
When horizontal drilling and hydraulic fracturing rose to prominence in the early 2000s, so did the Bakken. With an estimated 24 billion barrels of oil that could eventually be extracted – an amount that alone could keep the entire United States running for over three years – the Bakken will be around for the long-haul. From less than 100,000 barrels produced per day in 2007 to more than 1 million in 2014, the production growth in the Bakken has been astounding.
The five leading producers of the Bakken are:
Through extensive innovation and geological studies, the Permian Basin, Eagle Ford Shale, and the Bakken have proved to be incredibly valuable sites for oil extraction. These sites have promising futures and plenty of opportunities. The oilfield operators in these areas are looking for service providers and suppliers.
If you’re working in these oilfields and need to get paid faster to keep up with the demands of the industry, oilfield factoring could be your solution. Stop waiting for weeks or even months for customer payment. Oilfield factoring pays you the same day on your invoices. To learn more contact us through our website or give us a call at (800) 707-4845 for a free, no-obligation factoring consultation and quote.