U.S. oil production is expected to surge to new records through the rest of this year and into 2020 with healthier crude prices and the cost of profitably drilling a shale oil well falling to a modern low.
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Led by Texas’ booming Permian Basin, the breakeven cost for developing shale wells has fallen 4 percent — or $2 a barrel — down to a recent low of $50 per barrel, likely ensuring the growth of the onshore shale industry for years to come, according to the latest survey Tuesday by the Federal Reserve Bank of Dallas.
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