01 October 2013 22:45 [Source: ICIS news]
PITTSBURGH (ICIS)--Light tight oil (LTO) is expected to play an important role in the evolution of the crude oil industry in the US because it presents an alternative feedstock to key chemicals and plastics, said an industry source on Tuesday during Pittsburgh Chemical Day.
“Our current estimates suggest that LTO plays in North America can provide up to 58bn bbl of recoverable resources in the US,” said Srivatsan Iyer, vice president of finance, planning and strategy at Braskem America.
In addition, LTO production is happening at a faster pace than shale gas production, he added.
With large uncertainties looming in the evolution of the global crude oil market, it is the balance of US LTO production and the evolution of global demand that will dictate market outcomes in the near term, Iyer said.
The 46th Annual Pittsburgh Chemical Day was held on Tuesday in Pittsburgh, Pennsylvania.
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