07 March 2012 20:31 [Source: ICIS news]
HOUSTON (ICIS)--Oil imports to the US and other countries in the western hemisphere could decrease by as much as 50% this decade because of domestic production in tight oil and oil sands plays, the chief executive of Shell said on Wednesday.
“Production of tight oil [oil from rock formations with low permeability and low porosity] in the US alone has increased five-fold since 2000, helping reverse a nearly 40-year decline in oil production,” Shell chief executive Peter Voser said at the 31st annual IHS CERAWeek energy conference in Houston.
“This will mean less oil from the Middle East and west Africa. That oil will instead flow in increasing volumes to Asia.”
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections