Reflecting on the Success of 2018
The New Year is typically a time of reflection and goal setting. This is especially true for most on a personal level, but what about in the oil and gas industry?
Energy in Depth recently provided a high-level report of some of the biggest achievements in the oil and natural gas industry for 2018 – an encouraging reminder to all of us to keep moving ahead, making progress, setting – and exceeding – our goals!
I encourage you to read the full article, but here’s a recap:
1) America IS the global energy leader – Last summer, U.S. crude oil production exceeded 11 million barrels per day (b/d) for the first time, more than doubling 2008 production and surpassing Russia as the world’s largest crude oil producer, according to Energy Information Administration data.
2) The United States is exporting more oil and natural gas than ever before. The U.S. became a net exporter of petroleum liquids for the first time in 75 years, exporting more crude oil and other oil-derived liquids than it imported from other countries.
3) Proved U.S. oil and natural gas reserves reached an “all-time high.” In addition to production and exports, U.S. proved oil and natural gas reserves also hit an “all-time high” thanks to the continued development and exploration of shale formations nationwide, according to newly released data from the EIA.
4) Global petroleum industry leaders look to the United States for oil and natural gas investment. The United States remains the world’s most attractive region for oil and gas investment, according to the Fraser Institute’s 2018 survey of senior global petroleum industry leaders. In fact, the country is now home to nine of the top 10 jurisdictions for investment – led by Texas, Oklahoma, Kansas, Wyoming, and North Dakota – and across the board, U.S. jurisdictions improved their ranking in this year’s results.
5) The U.S. leads the world in carbon emissions reductions. As U.S. energy production soared, the industry maintained its commitment to lowering emissions and protecting the environment. In fact, the country has led the world in carbon emissions reductions from 2005 to 2017, according to BP’s 2018 Statistical Review of World Energy.
As the EID article so succinctly put it, 2018 was a record-breaking year for oil and natural gas: our environment is cleaner, our economy is improving, electricity costs are at record lows, consumers are saving billions of dollars on natural gas, and 2018 affirms that the United States will continue to be a world-leader in oil and natural gas exploration and production – talk about exceeding goals.
I’m looking forward to seeing what the industry achieves in 2019.
Richard Hyde, Executive Director