BP’s shale outlook shows misunderstanding

By The Bakken Magazine Staff | March 02, 2016

BP is certain energy demand will increase in the next 20 years and uncertain of the role of shale energy in and outside the U.S. In it’s annual energy outlook, the global energy production major said that it has been repeatedly surprised by the strength of U.S. tight oil and shale gas. As an example of its surprise, BP pointed to the U.S. Energy Information Administration’s production outlook for U.S. tight oil in 2013. Production expectations issued by the EIA then showed tight oil production in the U.S. would reach 3.6 million barrels per day by 2030. In 2014, those production volumes were reached. “The continued growth of tight oil and shale gas in the U.S., and the spread of shale outside North America, are key uncertainties in our Outlook,” BP said.