U.S. Forecasted by the IEA to Be the World's Top Oil Producer by 2020
26 Novembre 2012 - 2:20PM
Marketwired
An increased focus on lowering the nation's dependence on foreign
oil has seen production in the U.S. soar to 15 year highs. The
International Energy Agency in its annual World Energy Outlook
predicts that by 2020 the U.S. will be the world's top oil
producer. The Paragon Report examines investing opportunities in
the Oil & Gas Industry and provides equity research on Goodrich
Petroleum Corporation (NYSE: GDP) and Talisman Energy Inc. (NYSE:
TLM) (TSX: TLM).
Access to the full company reports can be found at:
www.ParagonReport.com/GDP www.ParagonReport.com/TLM
Hydraulic fracturing and horizontal drilling have contributed to
the current shale-oil boom in the U.S. The IEA predicts oil
production in the U.S. in 2020 will peak at 11.1 million barrels a
day, compared to 8.1 million barrels a day in 2011. U.S. oil
imports are forecasted to decline to four million barrels a day
from the current rate of 10 million barrels a day within the next
decade.
"By around 2020, the United States is projected to become the
largest global oil producer" and will surpass Saudi Arabia for a
period of time, the IEA said. "The result is a continued fall in
U.S. oil imports [currently at 20% of its needs] to the extent that
North America becomes a net oil exporter around 2030."
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Goodrich Petroleum is an independent oil and natural gas company
engaged in the exploration, development and production of oil and
natural gas on properties primarily in Northwest Louisiana, East
Texas and South Texas. Shares of the company have fallen sharply
this month as they have reported a 10 percent decline in their net
income for the third quarter of 2012.
Talisman Energy recently confirmed significant accumulation of
light oil in their Kurdamir-2 well. "We are preparing to test two
additional zones in the oil leg over the coming weeks. Plans are
underway to drill an appraisal well, Kurdamir-3, adjacent to this
discovery, in early 2013," said Richard Herbert, Executive
Vice-President, Exploration.
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above-mentioned publicly traded companies. Paragon Report is
compensated by other third party organizations for advertising
services. We act as an independent research portal and are aware
that all investment entails inherent risks. Please view the full
disclaimer at: http://www.paragonreport.com/disclaimer
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