Parker Hallam Reflects on 2016 Oil and Gas Production

(Newswire.net — January 15, 2017) Dallas, Texas — In oil-producing countries around the world, 2016 represented a significant shift in production figures. Oil and gas industry expert Parker Hallam studies production levels in both the United States and abroad, and he took note of industry trends that are expected to continue into the new year. Of particular note is the oil and gas lifting figures released by the Energy and Mineral Resources Ministry of Indonesia, which reported a 14 percent increase in production over pre-set government targets. “Indonesian oil production reached an average of over 830,000 barrels per day,” says Parker. “Gas production in the country exceeded 1.42 million barrels of oil equivalent per day in 2016.” To learn more about Parker’s work in the oilfield industry, visit https://www.crunchbase.com/person/parker-hallam.

 

Increased production in Indonesia came as somewhat of a surprise to many industry analysts. Despite a lack of new oilfield discoveries and depleted oil and gas reserves in the country, producers exceeded production targets for the first time in over ten years. The country’s government is developing incentive programs to encourage further exploration and development of oil and gas fields.

Despite declines in oil and gas production on U.S. soil in the past years, industry players ramped up crude oil production to nearly 900000 barrels per day on average in 2016. Gas production increased over the year by almost four billion cubic feet per day over production rates in 2014. These numbers are in spite of reduced production capacity as active oil and gas rigs have declined by nearly 60% in the period between 2014 and the end of 2016. Development of productive oil and shale gas formations contributed to the increase in the United States. Russia and Saudi Arabia also saw oil production increases in the neighborhood of three percent, but Russian natural gas production continued to decline, following trends first established in 2012. “It will be interesting to see how oil and gas producing companies will develop new production facilities and fields in the coming year,” adds Parker. “The discovery of new oil-rich shale fields and the expansion of coastal oil drilling sites have spurred companies to invest heavily in exploration initiatives.”
 

The United States is expected to continue as the world’s leading natural gas producer through 2017 and beyond. Low crude oil prices have not affected production rates as much as foreseen by industry analysts like Parker Hallam, who continues to study market trends in an effort to provide expert analysis to the oil companies he works with. For more information on Parker and his work at Arkfield Services, visit https://www.f6s.com/parkerhallam.