SafetySkills

17 Million More Global Oil Production Expected by 2020

Global crude oil production is likely to climb from 93 million b/d to 110 million b/d by 2020. The growth would be the largest increase since the 1980s. The largest increases have been seen in Iraq, the US, Canada, Brazil, and Venezuela.

Leonardo Maugeri, conducted a study that forecasts technological advances in unconventional oil production and found that it will help make the Western Hemisphere self-sufficient by 2020. Maugeri is a researcher at Harvard University. He predicts that the US will experience unprecedented output from the advances in unconventional oil production. (Oil and Gas Journal)

This discovery is big, even on a global scale. The combination of hydraulic fracturing and horizontal drilling will make it possible to exploit US tight oil plays and open up a new era. If this new production was to make it to the market, there would be a dramatic collapse in oil prices.

Researchers still wonder if there would be consequences with the new oil development. There is a lot more research still to be completed. New oil production projects could be stymied or delayed without a balance between industry and environmental interest. This production is unique and opens the oil and gas field to many possibilities. 

SafetySkills has a full line of oil and gas safety training. SafetySkills also offers a variety of safety training courses. Training is available in  DVD format for employees without computer access. Check out our website at SafetySkills. Please call us today for more information on course titles, regulations, and pricing at 888-844-3549.