U.S. Oil Output to Exceed 14 Million bpd and Then Plateau, Says Conoco chief

U.S. oil production will grow to exceed 14 million barrels per day and then plateau, ConocoPhillips CEO Ryan Lance forecast on Tuesday.

Output in the top U.S. shale field, the Permian basin of West Texas and New Mexico, will rise between 300,000 bpd and 400,000 bpd this year, he said in remarks at the CERAWeek energy energy conference.

Construction of the company’s $8 billion Alaskan oil development project, called Willow, is fully underway and will take four years to complete, he said.

(Reporting by Sabrina Valle and Georgina McCartney)