U.S. Forecasted by the IEA to be the World's Top Oil Producer by 2020
The Paragon Report Provides Stock Research on Denbury Resources and Lone Pine Resources
NEW YORK, NY -- (Marketwire) -- 11/19/12 -- An increased focus on lowering the nation's dependence on foreign oil has seen production in the U.S. soar to 15-year highs. The International Energy Agency in its annual World Energy Outlook predicts that by 2020 the U.S. will be the world's top oil producer. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Denbury Resources Inc. (NYSE: DNR) and Lone Pine Resources Inc. (NYSE: LPR) (TSX: LPR).
Hydraulic fracturing and horizontal drilling have contributed to the current shale-oil boom in the U.S. The IEA predicts oil production in the U.S. in 2020 will peak at 11.1 million barrels a day, compared to 8.1 million barrels a day in 2011. U.S. oil imports are forecasted to decline to four million barrels a day from the current rate of 10 million barrels a day within the next decade.
"By around 2020, the United States is projected to become the largest global oil producer" and will surpass Saudi Arabia for a period of time, the IEA said. "The result is a continued fall in U.S. oil imports [currently at 20% of its needs] to the extent that North America becomes a net oil exporter around 2030."
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Denbury Resources is the largest combined oil and natural gas operator in both Mississippi and Montana, and owns the largest reserves of CO2 used for tertiary oil recovery east of the Mississippi River. During the third quarter of 2012 the company increased average total production to 72,776 barrels of oil equivalent per day, 9% higher than third quarter 2011 and 1% higher than the second quarter 2012.
Lone Pine Resources is engaged in the exploration and development of natural gas and light oil in Canada. Lone Pine's principal reserves, producing properties and exploration prospects are located in Canada in the provinces of Alberta, British Columbia and Quebec and the Northwest Territories. The company has recently reported that it plans all of its interests in the Wild River area of Alberta.
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