The US is likely to remain the world's top crude producer for some time to come, according to shale executives at the Argus Global Crude Summit Americas in Houston, Texas, today.
"In the foreseeable future, I don't really see a lot of change," said Shannon Flowers, director of crude and water marketing at Coterra Energy.
There is still enough high-quality acreage to go after, while efficiency gains around faster drilling times and targeting longer wells are also helping to drive output gains.
"There's a lot of creativity that goes on in trying to understand how we can do more with less," Flowers said today at the event.
While the rig count is down 20pc over the last two years, production has grown by more than 1mn b/d.
"Doing more with less is kind of a common theme," Flowers said in reference to operations at Coterra and across the industry. "I expect that to continue."
While the Permian has dominated all the attention of late, the offshore Gulf of Mexico is likely to be an important driver of output going forward, with several projects starting up this year. Other regions such as the Rockies, Wyoming and possibly Utah could also see some growth.
A recent round of mergers and acquisitions that saw $300bn of upstream oil and gas deals inked has further to run, says John Argo, vice president for the Williston Basin at Continental Resources.
"There will continue to be more consolidation," Argo said. Scarcity with regard to remaining high-quality acreage means that valuations will continue to climb, he said.
