Onshore Crude Oil Production in US Hits Record High -EIA
Crude oil production from onshore federal lands in the United States (U.S.) has reached an all-time high in 2024, according to the latest data from the Energy Information Administration (EIA).
Output surged to 1.7 million barrels per day (b/d) last year, six times as much compared to 2008, EIA said. The share of total US crude oil production coming from onshore federal lands rose to 13% in 2024, up from just 5% in 2015.
This sharp increase is largely attributed to expanded drilling activity and operational growth, particularly in New Mexico’s portion of the Permian Basin, one of the country’s most prolific oil-producing regions.
The multiyear increases in the number of leases, drilling permit approvals, and wellbore starts are attributed to the increases in production in New Mexico.
Total US crude oil production rose significantly too, nearly tripling from 5 million b/d in 2008 to 13.2 million b/d in 2024.
Even though, with 1.8 million b/d, offshore federal lands still contribute slightly more to overall production than onshore federal lands, growth from onshore federal lands has been more dramatic, IEA said.
Natural gas production from federal onshore lands has increased as well, at a similar rate to overall natural gas production, according to EIA.
Onshore production of natural gas on federal lands grew from 3.2 trillion cubic feet (tcf) in 2020 to 4.2 tcf in 2024, a 31% increase.
Total US dry natural gas production has also increased in the same period, from 33.8 tcf in 2020 to 37.8 tcf in 2024, with the federal onshore percentage of US total production increasing from 9.6% to 11%.
Federal lands has been accounting for a declining share of US natural gas production in the long term; however, this recent increase is a reversal from this trend.
While crude oil production in federal offshore areas has remained relatively stable, offshore natural gas output has followed a downward trend over the years.
According to 2024 data, federal offshore natural gas production fell to 0.8 tcf, less than one-third of its level in 2005, highlighting a steady decline in offshore gas activity. #Onshore Crude Oil Production in US Hits Record High -EIA Royal Exchange Boosts Earning Performance with Strong Investor Promise
