Drilling activity in the US increased in 2022
US oil and gas output on the rise
Surging crude prices prompted increased drilling activity last year, but debt and financing issues constrained growth
Drilling activity in the US increased by 51.3pc on an average yearly basis in 2022, driving crude production up to 11.9mn bl/d and marking a 6.4pc increase compared with the 11.2mn bl/d averaged in 2021. The increased output was augmented by US companies completing a large backlog of drilled-but-uncompleted (Duc) wells in two major oil shale basins. WTI started 2022 at $83.22/bl and climbed steadily throughout the year, despite rising interest rates, fears of economic recession and restricted Russian supply caused by the war in Ukraine. Crude prices hit a 15-year high in June 2022, at $114.84/bl, before falling back down and ending the year at $76.44/bl. The surge in commodity prices caused
Also in this section
9 January 2026
OPEC+ remains on track as output falls, with only Gabon failing to hit its output targets in December, although Kazakhstan’s compliance was involuntary
9 January 2026
The Latin American producer’s crude prospects rely on a multi-pronged approach where even the relatively easy wins will take considerable time, effort and cost
9 January 2026
While many forecasters are reasserting the importance of oil and gas, petrostates should be under no illusion things are changing, and faster than they might think
8 January 2026
Indonesia and Malaysia are at the dawn of breathtaking digital capabilities. Their energy infrastructure must keep up with their ambitions
