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U.S. shale oil isn't likely to flood the market because only the Eagle Ford and Bakken...

U.S. shale oil isn't likely to flood the market because only the Eagle Ford and Bakken formations are driving significant growth, EOG CEO Mark Papa says. Other basins have produced little crude, and the Utica will be negligible over the long-term, he says: "Think of how many companies are saying the future of their oil growth is those kind of plays. On a national basis, they are insignificant. It's a lot of PR."
Comments (3)
  • eppf2
    , contributor
    Comments (202) | Send Message
     
    For those that think we can be oil independent by 2020, I personally think that's probably not going to happen. It's too early to tell but it appears that the average producing life of wells in the Bakken may not be as long as expected. And yes, CHK is acknowledging that the Utica may have been over hyped.
    As for reserves, there is a lot of proved oil reserves off shore California but the State won't allow drilling.
    Oil independent by 2020? Could be, but I'm investing in a manner that discounts that possibility.
    28 Nov 2012, 07:26 PM Reply Like
  • Cincinnatus
    , contributor
    Comments (3406) | Send Message
     
    "independence" isn't really a meaningful term. What's meaningful is that North America (not specifically the US) could be producing 80% of our oil and nat gas consumption by 2020 to 2025. Canada has large reserves as well, particularly the oil sands. There's growing evidence of Canadian oil shale that's not really factored in as well. All this would significantly shift the balance of power in global production. It doesn't mean total independence, but that's not necessary for the effects to be significant.
    30 Nov 2012, 12:00 AM Reply Like
  • molly moderate
    , contributor
    Comments (2) | Send Message
     
    I don't think we'll ever become oil independent; the more oil we produce in the US, the more oil they'll send somewhere else to make more money. This dawned on me a couple years ago. Same thing with natural gas; the common man thinks all this drilling is to make us energy independent; then we notice they want more pipelines just to send it all somewhere else.
    28 Nov 2012, 09:52 PM Reply Like
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