Australian Oil Production on a Large Scale Unlikely to Happen Soon
Bloomberg reported that large-scale oil and gas production in Australia likely will not happen for up to a decade unless companies focus on higher-priced oil and liquids.
Articles Tagged "crude oil production"
OPEC Increases Oil Production by 320,000 b/d in April
Platts reported that the Organization of the Petroleum Exporting Countries (OPEC) increased its production of crude oil by 320,000 barrels per day in April, bringing the monthly total to 31.71 million barrels per day.
Bakken Shale Driving US Oil Production Growth
The Bakken Shale is fueling an upturn in fortunes for the US oil industry and could be the prime driver of oil production growth in the US over the next decade.
PetroChina, Canada Ink Deal
Prices of light, sweet crude on the New York Mercantile Exchange are currently trading at half their peak hit in July last year. This has led some producers to postpone oil sands projects as they are capital-intensive and need crude futures above a certain threshold to be viable. US oil demand is also in the doldrums due to the global economic downturn, making it harder for producers to justify investments in new crude oil production. However, PetroChina has gone ahead with its investment in Canadian oil sands.
Oil Price To Touch $85 By End-2009
Crude oil production is Canada is expected to double within the next three decades, despite current tight finances and a slower pace of development in the oil sands, a new report has said. In a best case scenario, oil production is forecast to rise to 3.3 million barrels per day by 2015 from 2.7 million barrels last year, and up to 4.2 million barrels by 2025. Solely in the oil sands, production is expected to increase by 83 per cent to 2.2 million barrels per day by 2015, and climb to 3.3 million barrels per day by 2025.
