The EIA said in a new report that the US and Russia, total petroleum and natural gas hydrocarbon production, “in energy content terms, is almost evenly split between petroleum and natural gas,” while Saudi Arabia’s production” heavily favors petroleum.” The report indicated that since 2008, US petroleum production has increased seven quadrillion Btu (British thermal units) with “dramatic” growth in Texas and North Dakota.
It added that natural gas production has increased by three quadrillion Btu over the same period, with much of this growth coming from the eastern United States.
Russia and Saudi Arabia each increased their combined hydrocarbon output by about one quadrillion Btu over the past five years.
The EIA said that total petroleum and natural gas hydrocarbon production estimates for the USand Russia for 2011 and 2012 were roughly equivalent, within one quadrillion Btu of one another.
It added that meanwhile, in 2013, the production estimates “widen out,” with the US expected to out produce Russia by five quadrillion Btu.
Petroleum production includes crude oil, natural gas liquids, condensates, refinery processing gain, and other liquids, including biofuels. Barrels per day oil equivalent were calculated using a conversion factor of one barrel oil equivalent equal 5.55 million British thermal units (Btu).