19 March 2013 19:04 [Source: ICIS news]
SAN ANTONIO (ICIS)--North America's learning curve in developing shale oil in the US and oil sands in Canada has translated quickly, making these unconventional sources of energy less unconventional, an industry executive said on Tuesday.
By 2020, there will be nearly 2.5m bbl/day of new oil production in the US, surpassing Russia and Saudi Arabia, according to Michael Wojciechowski of Wood Mackenzie during the American Fuel & Petrochemical Manufacturers (AFPM) annual meeting.
Tight oil production will hit 20m bbl in the US alone by that same year.
In Canada, the increase in oil production from oil sands is expected to be around 500,000 bbl/day.
This will cause North American tight oil production to make up approximately 4% of the total global oil production, Wojciechowski said.
The AFPM annual meeting runs through Tuesday.
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