UK (PRWEB) September 15, 2011
After nearly four decades America is poised to become once again the world's largest oil producing nation. "It is a credit to the innovation and perseverance of the oil industry in North America," believes the http://www.pdmcontact.com/ Per DM CEO Jesse Young. "This is good news for the US economy and oil engineering companies."
Goldman Sachs has predicted that: "US production will hit 10.9m barrels a day by 2017."
To put this in context Russia was the world's largest producer in 2010 with a daily output of 10.6m barrels and Saudi Arabia 10.4m. 1973 was the last time America topped the table for crude oil production. "Since then the USA's reserves have been in gradual decline," said Per DM's CEO. The good news is that investment and innovation has opened up reserves "long thought untappable".
"Of course both Russia and Saudi have the reserves to increase production significantly. However, their protectionist approach to their resource discourages inward investment," believes Jess Young. There is some doubt over the extent of Saudi Arabia's reserves and the latest legal wrangles experienced by BP who are one of the few big players to commit to developing Russia's oil is particularly worrying for investors in that region.
It all leaves the market open for the more accommodating countries. America in particular has had an 'open for business' sign when it comes to attracting inward investment. It is this commercially attractive philosophy that has been at the heart of the resurgence in the US oil industry believes the http://www.pdmcontact.com/ Per DM Group. The new technology being used has seen America’s dwindling reserves being turned into a century of supply. At the same time have seen the oil heartlands enjoying an employment boom and revitalizing the local economies.
The shale-gas technologies are being applied to oil exploration and have unlocked new fields such as the Bakken in North Dakota. "At last Americans are seeing the benefits of being an open market which encouraged investors, sought international partnerships and enabled generous profit sharing," says Jesse Young. "We applaud the radical thinking and courageous strategies employed by the oil industry. It is this very philosophy that also sits at the heart of the http://www.pdmcontact.com/ Per DM Group success."