The Energy Information Administration is now predicting that crude oil production in the Bakken oil fields will surpass one million barrels per day (bpd) in December, and become the fourth US oil field to reach the one million-barrel milestone and join an elite group of only ten super-giant oil fields in the world to ever produce that much oil at their peak levels of production. The Eagle Ford oil fields in South-Central Texas reached the one million-barrel milestone in May of this year, and the Permian Basin in West Texas topped the one-million barrel mark back in May 2011 (see chart above). In Alaska, the Prudhoe Bay oil field produced 1.5 million bpd when it reached it peak level of production in 1979. There have been six non-US fields to surpass one million bpd at peak production: Ghawar (Saudi Arabia), Burgan (Kuwait), Cantarell (Mexico), and Daqing (China) in recent years; and Samotlor (Russia) and Kirkuk (Iraq) in the 1970s and 1980s.
MP: As recently as two years ago, the OPEC cartel dismissed North America’s shale-oil boom as “marginal.” But now that the US will soon have three oil fields producing more than one million barrels per day by next month, even OPEC has had to acknowledge that America’s shale oil revolution is a game-changer, which will sharply reduce the US demand for the cartel’s own oil. ‘
The fact that America will have three super-giant, million-barrel-per-day oil fields by next month, out of only ten ever in the history of the world, is a remarkable energy achievement, and a testament to the country’s amazing petropreneurs who through grit, persistence, and determination finally “unlocked the code” to access the country’s energy treasures trapped in shale rock formations miles below the Earth’s surface. OPEC and the world have taken notice of America’s remarkable energy achievements, but here’s a question: Will President Obama even notice, care, or mention that his own Department of Energy is reporting that the US now has three super-giant oil fields? I predict probably not, since Obama has previously dismissed fossil fuels as “energy sources of the past,” even though there is overwhelming evidence to the contrary (see chart above).