U.S. moves to its own oil

Royal Dutch Shell, BP, Statoil to invest billions of dollars into the development of previously inaccessible to large oil fields in the western United States. Oil will be produced the way similar to the shale gas production: a rock punched horizontal well, pour water, sand and chemicals to break down the seam and allow gas and oil to surface, transmits Associated Press.

Horizontal drilling method for shale oil was first used in 2007 in North Dakota and Montana. Performance on these deposits increased by 50%. The company EOG Resources did not have enough pipeline capacity, raw materials delivered to the refinery by rail and by truck.

Such results have attracted investors, analysts believe oil. In January, China’s state-owned CNOOC has agreed to pay Chesapeake $ U.S. 570 million for the 30% deposit Niobrara, which uses a new method of drilling. In October 2010, the company made a deal at $ 1 billion to jointly develop oil shale oil at Eagle Ford.

Now the profit from the extraction of shale oil is much higher than that of shale gas. “Extract oil from shale is cheaper than in deep wells in the Gulf of Mexico or in the oil sands in Canada,” - says CEO of EOG Resources, Mark Pope (quoted by AP). Oilers have learned to reduce the cost of crude oil by increasing the amount of fracturing and use of various chemicals.

Analysts estimate that by 2015, new deposits will be bringing to 2 million barrels of oil per day, which is greater than the total production from the fields in the Gulf of Mexico. A new method of drilling will increase oil production in the U.S. by 20% over the next five years. This will reduce oil imports to the U.S. by 60% by 2020, estimates Credit Suisse analyst Ed Morse. “This is a major contribution to energy security,” - he adds.

Drilling in this way will help the country overcome the twenty-year period of decline in domestic production of raw materials. But environmentalists warn of the danger of fracturing, which can lead to contamination of drinking water sources. Now the Agency for U.S. Environmental Protection Agency is studying the safety of shale drilling.

10 February 2011

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