Right here in America there is a modern day oil & gas boom. Using a geology-based assessment methodology, the U.S. Geological Survey estimated mean undiscovered volumes of 3.65 billion barrels of oil, 1.85 trillion cubic feet of associated/dissolved natural gas, and 148 million barrels of natural gas liquids in the Bakken Shale Formation of the Williston Basin Province, Montana and North Dakota.

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Monday, June 20, 2011

U.S. Shale Oil Output to Reduce Imports, Purvin & Gertz Says


Rising output from shale formations may reduce U.S. imports of low-sulfur crude oil by 500,000 barrels a day within five years as new pipelines carry the oil to refineries along the Gulf of Mexico, according to a study by analysts at Purvin & Gertz Inc.
Shale production should rise to about 900,000 barrels a day by 2015 and to more than 1.3 million barrels daily by 2020, displacing imports, Geoff Houlton, a vice president at the Houston-based energy consultant, said in a telephone interview. The study includes output growth from the Bakken formation in North Dakota, Eagle Ford in Texas and Niobrara in Colorado and Wyoming.
The discount for U.S. benchmark West Texas Intermediate crude versus European Brent, which widened to a record $21.80 a barrel June 14, may shrink to as little as $2 after pipeline expansions are finished at Cushing, Oklahoma, according to Houlton.
Crude supplies at the hub, where New York Mercantile Exchange WTI futures are delivered, reached a record 41.9 million barrels in April, according to the Energy Department. The U.S. imported 9.16 million barrels a day of crude last year, according to department data.

Source: Bloomburg
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