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.”
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections