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Prudhoe Bay Oil Field is a large oil field on Alaska's North Slope.It is the largest oil field in North America, covering 213,543 acres (86,418 ha) and originally contained approximately 25 billion barrels (4.0 × 10 9 m 3) of oil. [1]
Start of production: December 13, 1981: Peak of production: 322,000 barrels per day (~1.60 × 10 ^ 7 t/a) Peak year: 1992: Production; Current production of oil: 71,021 barrels per day (~3.539 × 10 ^ 6 t/a) Year of current production of oil: 2019: Estimated oil in place: 6,000 million barrels (~8.2 × 10 ^ 8 t) Producing formations: Kuparuk ...
In the Annual Energy Outlook crude type estimates, all Alaska and Gulf of Mexico oil production is assumed to be API gravity 27-35 degrees and medium sour. Northeast crude oil production consists of approximately 30% API 27-35 medium-sour and 60% API 35-40 sour. The residual production is API 35-40 sweet.
In a report compiled by the government of Alaska, the real GDP of Alaska was $51.1 billion in 2011, $52.9 billion in 2012 and $51.5 billion in 2013.The drop-off that occurred between 2012 and 2013 has been attributed to the decline in the mining sector, specifically the oil and gas sectors, a consequence of declined production.
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The three most common forms of decline curves are exponential, hyperbolic, and harmonic. It is assumed that the production will decline on a reasonably smooth curve, and so allowances must be made for wells shut in and production restrictions. The curve can be expressed mathematically or plotted on a graph to estimate future production.
For instance, North America has over 3 trillion barrels of shale oil reserves, [citation needed] and the majority of oil produced in the US is from shale, leading to the paradoxical data below that the US will finish all its oil at 2024 production levels in 10 years.)
Much of Alaska has plunged into a deep freeze, with temperatures well below zero. Anchorage has seen some of its coldest temperatures in years and the mayor opened warming facilities for people ...