Brian Alfaro – On the Importance of American Oil Production

SAN ANTONIO, TX / ACCESSWIRE / May 24, 2017 / As the global oil industry recovers from nearly two years of fallen prices, the future of America’s role, the world’s largest producer of natural gas since 2011 and petroleum since 2013, has become a subject of broad interest. Brian Alfaro, CEO of Texas based energy company Silverstar Resources LLC, expects that as worldwide demand continues to rise and companies take advantage of vast natural resources, American produced oil will have an even greater importance in the global marketplace. Pointing to the U.S. Energy Information Administration’s (EIA) estimates that output will increase year over year, and new developments including tight oil from shale and reserves being found daily, Alfaro is certain that the U.S. will further establish its role as the leading producer of petroleum and natural gas.

When the EIA released their Annual Energy Outlook in 2014, they projected that by year 2030, crude oil production in America would decrease by two million barrels per day. Due to a revolution in shale drilling and an ever-growing resource base, in 2016 the administration surged the report’s estimates, now predicting that in fourteen years time production will have actually increased by the same amount. The forecast was remarkable, noted Brian Alfaro, because it came at a time when prices were 60% lower than at the same time two years prior, and traditionally, reduced prices mean the same for production. Instead, BP reported that U.S. oil reserves are now at an all time high, up to 55 billion barrels, nearly double what it was twenty years ago.

Driving new production has been tight oil, or that drilled from shale, explained Alfaro. A minor portion of the industry prior to 2010, technological improvements have since allowed for reduced drilling costs and improved efficiency, and in 2015 tight oil surpassed 50% of total U.S. production. Texas’ Permian and Eagle Ford regions, two of the largest shale plays in the country, are expected to drive gains through 2018. The Permian, a large geographic area with multiple stacked producing zones more than 1,000 feet thick, has consistently displayed increased output, even during times of national decline. The Eagle Ford region, while significantly smaller than the Permian, boasts wells with some of the highest initial production rates. These positive growth indicators, accompanied by a global demand that is rising annually by 50 million gallons per day, assure that the U.S. oil industry faces a very bright future.

Brian Alfaro is a multifaceted entrepreneur and dedicated philanthropist. The President and CEO of Silverstar Resources, an energy and petroleum company based out of San Antonio, Texas, Alfaro has over 17 years experience in the oil industry. By coordinating with a world-class team of experts and implementing advanced technology, Alfaro is able to drill efficiently while respecting the needs of the environment. Specializing in shale, limestone, horizontal, and conventional drilling, to date wells associated with Silverstar have produced over 5 billion cubic feet of gas, or the equivalent of 850,000 barrels of oil.

Brian Alfaro – Oil and Gas Industry Mogul and Dedicated Philanthropist: http://brianalfaronews.com
Brian Alfaro – Joins Industry Experts at the NAPE 2017 Summit: https://finance.yahoo.com/news/brian-alfaro-joins-industry-experts-010600483.html
Brian Alfaro – LinkedIn: https://www.linkedin.com/in/brian-alfaro-b5152739

Contact Information:

BrianAlfaroNews.om
www.brianalfaronews.com
contact@brianalfaronews.com

SOURCE: Brian Alfaro

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