Oklahoma oilman Harold Hamm has some support in his criticism of government forecasts of oil production in the U.S.
Mark Papa, former CEO of EOG Resources and current Chairman and CEO of Centennial Resource Development recently expressed the same skepticism of the forecasts coming from the U.S. Energy Information Administration and others.
He contends U.S. oil production will not keep growing as fast as the market seems to think. Papa believes most of the best drilling locations in south Texas and North Dakota have already been tapped.
He recently told the Wall Street Journal that shale is not an “all-powerful disrupter of oil and gas markets as has been portrayed.”
Papa also disagrees that U.S. production will flood global supplies and keep prices low.
Just last week, the International Energy Agency predicted the U.S. will “put its stamp on global energy markets for the next five years” overtaking Russia as the world’s largest oil producer by 2023.