U.S. Forecasted by the IEA to be the World's Top Oil Producer by 2020
November 19 2012 - 8:20AM
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 Denbury
Resources Inc. (NYSE: DNR) and Lone Pine Resources Inc. (NYSE: LPR)
(TSX: LPR).
Access to the full company reports can be found at:
www.ParagonReport.com/DNR www.ParagonReport.com/LPR
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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Denbury Resources is the largest combined oil and natural gas
operator in both Mississippi and Montana, and owns the largest
reserves of CO2 used for tertiary oil recovery east of the
Mississippi River. During the third quarter of 2012 the company
increased average total production to 72,776 barrels of oil
equivalent per day, 9% higher than third quarter 2011 and 1% higher
than the second quarter 2012.
Lone Pine Resources is engaged in the exploration and
development of natural gas and light oil in Canada. Lone Pine's
principal reserves, producing properties and exploration prospects
are located in Canada in the provinces of Alberta, British Columbia
and Quebec and the Northwest Territories. The company has recently
reported that it plans all of its interests in the Wild River area
of Alberta.
The Paragon Report has not been compensated by any of the
above-mentioned publicly traded companies. Paragon Report is
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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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