The 50 largest U.S. oil and gas companies shelled out approximately $185 billion on domestic exploration and development efforts in 2012, an increase of 20 percent from the year prior. Industry behemoths are producing oil at an unprecedented rate, making the U.S. the fastest-growing oil and natural gas producer in the world.
Industry-wide potential prompted the International Energy Agency (NASDAQ:IEA) to recall its previous forecasts that Saudi Arabia would hold its reign as the world's top oil producer through 2035 - now forecasting that by 2017 the United States will take the rank of the world's largest oil producer.
If this forecast comes to fruition, the United States would dramatically buck the trend of other importing countries, becoming all but self-sufficient in net terms. The rebound in U.S. oil and gas production is driven by upstream technologies with the ability to access once untouchable tight oil and shale gas resources.
One such company utilizing cutting-edge technology to extract oil and gas resources is small-cap oil and gas exploration and development company First Titan Energy. The company's efforts are focused on recovering fossil fuels that were once considered too difficult or too expensive to recover. New innovations in drilling, combined with rising global demand and cheaper gas and electricity prices, has positioned the company as a premier early-stage company with strong growth potential.
The company's current focus is on the exploration and development of oil and natural gas resources in the southern region of the United States. First Titan maintains drilling activities at its acquisition in South Lake Charles, Louisiana, and new acquisitions are to include five new wells along the Gulf Coast, from West Texas to Alabama.
Alert to the burgeoning growth of the oil and gas industry, First Titan continuously seeks partnerships with energy developers that are pursuing innovative new methods of oil and gas extraction, including the development of new technologies, cleaner methods, and unconventional resources.
For more information, visit firsttitanenergy.com
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