Pioneer Natural Resources CEO predicts US Crude oil production will reach 14 million barrels per day with improved drilling technology

Technological improvements will allow energy companies to scrape more crude out of the ground and drive U.S. oil production higher. Although government forecasters expect U.S. oil production to peak around 9.5 million barrels per day in 2016, Scott Sheffield, CEO of Irving, Texas-based Pioneer Natural Resources told an energy conference here the real pinnacle could be 14 million barrels daily.

“The only thing that can stop it is oil prices,” Sheffield said, warning that a price collapse for domestic West Texas Intermediate crude would cause “a tremendous turndown.”

The industry may not discover any more big elephant fields boasting up to 75 billion barrels of oil, Sheffield said, but will continue to find new opportunities in conventional plays. And he noted the industry is pursuing new techniques for boosting the recovery rate at wells up from the 2 percent to 3 percent common today.

Pioneer has a $30 billion market capitalization.

Nextbigfuture notes that with continuing fighting in the middle east (particularly Iraq) will support higher oil prices. About 10% of the world’s oil production could remain under producing.

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