Former EOG Resources CEO and US shale pioneer Mark Papa said he doubts US oil production will continue to grow at the rate the market expects. “Oil prices are going up because of a lot of supply coming on line from OPEC countries that have been in decline for some time,” Papa said.
Former EOG Resources CEO and US shale pioneer Mark Papa said he doubts US oil production will continue to grow at the rate the market expects. Papa said most of the prime locations for drilling in North Dakota and southern Texas have already been tapped and growth forecasts were too optimistic given recent operational hurdles and increased investor demands.