The United States has proven oil reserves in excess of 36 billion barrels. There’s also an estimated 198 million barrels of recoverable oil still undiscovered. There are several very productive sites throughout the United States where oil companies are tapping into those reserves with great results. In 2012 oil production rose by 800,000 barrels as more companies got involved in drilling for oil in the U.S. It was the largest increase in oil production in a single year ever recorded. Industry analysts say the U.S. could potentially surpass Saudi Arabia and become the largest oil producer in the world.
The Illinois Basin
The Illinois Basin is another region of the United States where there are large oil deposits being accessed by oil companies. Since 1905 when major oil production began in the region, over four billion barrels of oil has been yielded. Cunningham Energy is one energy company that has had shallow leases there since 2008. They have a number of very productive wells and offer a variety of oilfield equipment and services including the drilling of horizontal and vertical wells. Cunningham Energy plans to increase its oil production there.
Montana and North Dakoda
There are oil reserves all over the United States. The ability to get oil from shale has made Montana and North Dakoda major oil producing areas. Oil was discovered on the region’s Bakken Formation in 1951. There is potentially as much as 4.3 billion barrels in that area alone. Marathon Oil Corporation, EOG Resources and a number of other companies have large oilfield development holdings in the region.
Oil deposits offshore in the Gulf of Mexico is estimated to be as much as 115.1 billion barrels. BP and other major oil companies have been taking oil out of the region for years. The oil industry has helped to bolster the local economy significantly. And with such vast reserves drilling and other oil extraction efforts will continue in the region for a long time.
It has been estimated that the Arctic National Wildlife Refuge has about 16 billion barrels of recoverable that hasn’t yet been tapped. The National Petroleum Reserve–Alaska has 6.7 to 15.0 billion barrels. There also a large accumulation of oil in the Prudhoe Bay oil field where Exxon and other oil companies have been working. These regions offer high quality oil that easy to process into diverse oil, gas and other petroleum products.