(Newswire.net — June 04, 2013) Calgary, AB — There is an ever increasing global demand for oil and gas products especially in developing nations like India and China. With developing countries such as these trying to improve their standard of living, oil and gas producers are struggling to meet growing demand.
Global liquid fuels consumption outpaced production in March and April 2013, resulting in a 1.1-million-barrel-per-day (bbl/d) average draw in global oil stocks, according to a report released by the U.S. Energy Information Administration (EIA).
With United States taking a more active role in oil and gas exploration, drilling, and production such as Bakken and New Three Forks Oil and Gas Assessment the U.S. is slated to become one the world’s biggest producers by 2020.
“The view I have is the U.S. will be a lot less dependent with Canada. That will really reduce imports, combined with more fuel-efficient cars, from outside North America. We’ll still be importing some, but it’s certainly a rebalancing of global oil. That oil that was coming to the United States will go somewhere else and that somewhere else would be Asia,” said Daniel Yergin, vice chairman of IHS. “The other place where oil demand is really growing happens to be the Middle East.”
Hydraulic fracking may be the key to the U.S. production boom, utilizing new technology and techniques oil and gas producers have been able access reserves that were unreachable in the past.
“Hydraulic fracturing involves the use of water pressure to create fractures in rock that allow the oil and natural gas it contains to escape and flow out of a well. This process takes places under tight regulatory control.” explains the energyfromshale.org website.
EIA reports that the US is expected to produce 7.3 million barrels per day in 2013 up from 6.4 million in 2012. With this increased production and less reliance on Canadian oil, Canada will have to pursue other markets for continued growth.
Canada may be looking to China for continued economic growth due to the fact that China as the second largest importer of oil is said to overtake United States in 2013 or 2014. There may even be a possibility they already have. Whether first or second China’s consumption of energy is huge and Canada will want to tap into that.
“With increasing international demand, there are opportunities for contractors in the upstream, midstream, downstream as well as other oilfield supply and service companies. To contact oil and gas producers, contractors, and oil and gas professionals look to the global Oilfield Directory.” notes a company spokesman.
Oilfield Directory has been in business since 1996 offering oil and gas company information on oilfielddirectory.com. Services featured include drilling consultants, well inspection, safety consultants, welding inspection and more. Equipment and supply companies are numerous including service rigs, tubing tongs, tank manufacturing, pipeline supplies and more. Job seekers and employers can visit Oilfield Directory’s job board at righelp.com for oil and gas jobs.
Media Contact Info:
Oil and Gas Directory – Oilfield Directory Publications
10301 104th Street Edmonton, Alberta T5J-1B9
Phone: 780-701-7282
Sources
http://www.cnbc.com/id/100513916
http://www.eia.gov/analysis/requests/ndaa/
http://www.energyfromshale.org/hydraulic-fracturing/what-is-fracking