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.
Continue reading "Bakken Shale Driving US Oil Production Growth"
Tuesday, September 1, 2009
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.
Continue reading "PetroChina, Canada Ink Deal"
Monday, June 8, 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.
Continue reading "Oil Price To Touch $85 By End-2009"
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Tuesday, January 31, 2012