The U.S. is on track to produce more crude oil and liquids than Russia and Saudi Arabia put together by 2025, consultancy firm Rystad Energy said Jan. 24.
U.S. liquids output is expected to surpass 24 million barrels per day (bbl/d) over the next six years, Rystad said, assuming average U.S. crude prices of $58 a barrel during the period.
The growth in U.S. liquids production will be driven by major shale basins such as the Permian Basin in parts of Texas and New Mexico, the report said.
"U.S. growth potential could be slowed if oil prices slide below our base case for extended periods but, as long as average prices stay above $50, positive U.S. production tendencies will persist," Rystad analyst Artem Abramov said.
U.S. edged past Russia and OPEC-leader Saudi Arabia to become the largest crude oil producer last year, helped by a shale boom centered around the Permian Basin.
The country's oil production is expected to rise to a new record of more than 12 million bbl/d in 2019, according to the Energy Information Administration.
Enbridge sold a natural gas pipeline transportation and gathering system in the southeastern U.S., according to Black Bear Transmission, which said it had acquired the assets for an undisclosed amount.
Capstone Natural Resources II retained TenOaks Energy Advisors for the sale of its operated Central Basin Platform properties in Ector and Upton counties, Texas, within the Permian Basin.
An affiliate of Merit Energy retained EnergyNet for the sale of multiple packages of oil and gas assets throughout Kansas and Wyoming in four, separate auctions.