2022 is expected to end with a production of 11.9 million barrels of crude oil per day, 0.7 million barrels per day more than the previous year, confirming the upward trend in the sector.
In order to face this increase in production, it is necessary to adequately maintain existing facilities and develop new projects thanks to the participation of international companies such as Sarens.
Houston, Texas. The U.S. oil market shows clear signs of recovery after the setback suffered during the pandemic, exceeding, according to data from the U.S. Energy Information Administration (EIA), 11.9 million barrels per day of crude oil produced, an increase of 0.7 million increase over 2021. A production that, according to the EIA, will reach 12.8 million barrels per day in 2023, surpassing the record figure of 12.3 million barrels per day achieved in 2019.
These figures have allowed the US to become, for the first time in two decades, the world's leading oil producer. In fact, by the end of 2021, US already accounted for 15% of all crude oil extraction, compared to 13% for Russia and 12% for Saudi Arabia.
The rise in oil production has also been accompanied by significant growth in domestic demand. In April alone, approximately 97.4 million barrels per day were consumed in the USA, 2.1 million more than in the same month of the previous year. Thus, the Short-Term Energy Outlook (STEO) published by EIA forecasts an annual average consumption of 99.6 million barrels per day in 2022.
In order to meet both the increase in supply and demand, the U.S. energy sector needs to start a multitude of new extraction projects, especially in the state of Texas, which is responsible for approximately 42% of all domestic production. The development of these new projects, and the maintenance of existing wells, requires the participation of companies such as Sarens, which, thanks to its extensive international experience in heavy lifting and engineering solutions, collaborate on a daily basis in the construction and maintenance of oil infrastructures.
For years, Sarens has led various projects aimed at strengthening the oil sector in the USA. An example of this is the construction and improvement work carried out at the Corpus Christi refinery (Texas), carried out together with Kellogg, Brown and Root (KBR).
In this project Sarens used a variety of its largest capacity cranes, like Liebherr LR1350S 385 tons crawler cranes transported from Australia, to lift and position the two hydrocracker reactors from the plant and 58 modules, essential to the operation of the plant. All operations were carried out while the facility was still in full operation, however the project was completed on schedule and proved to be a success.
Internationally, the company has also carried out major projects in locations such as Algeria, in the North Sea (Norway), or in Ulsan (South Korea). Sarens was specially involved in the Ulsa project for which the company created a custom-made gantry system for heavy lifts. This piece its capable to carry out a wide variety of lifts and it's embedded in the client’s steel structure. The expansion of this oil plant got reflected on South Corea’s economy, it created more than 20.000 jobs and raised its export power by 2.5 trillion won per year.
It is important to remember that all the works carried out to increase production in the US oil sector has a direct impact on a multitude of local industries, from the manufacture of fabrics to plastics used to produce electronic or consumer devices. Moreover, their impact is also notable in the economy of the regions where the oil wells are located, boosting job creation. It is estimated that, by 2022, the 100,000 jobs lost due to the pandemic have already been recovered, and since then, there have been months in which the sector has reached 60,000 new employment offers.
About Sarens
Sarens is the global leader and reference in crane rental, heavy lift and engineered transportation services. With state-of-the-art equipment, value engineering, one of the world's largest inventories of cranes, transporters and special rigging equipment, Sarens offers creative and intelligent solutions to today's heavy lifting and engineering transport challenges.
With more than 100 entities in 65 countries operating without borders, Sarens is an ideal partner for small to large-scale projects. Sarens currently employs 4,543 highly qualified professionals who are ready to serve the needs of any client worldwide and in all market sectors. https://www.sarens.com/