Forbes | David Blackmon
Technological advancements along with improving market fundamentals have contributed to the rapid rise of shale oil production.
The hits just keep on coming from the U.S. Energy Information Administration (EIA). As the accelerating pace of technological advancement in the domestic oil and gas industry results in steadily-growing per well recoveries and efficiency gains, the numbers documenting the results take on an almost incomprehensible air. Texas’s oil production in June of this year (3.15 million bopd) surpassed that of every OPEC nation other than Saudi Arabia and Iraq.