US shale oil production to rise to 10 million bpd by 2017

Abu Dhabi: The US Secretary of Energy has revealed projections for the production of up to 10 million barrels per day (bpd) of shale oil by the year 2017. The figure marks an increase from the current production rate of 3 million bpd.

“The growth has been quite remarkable. It was only a few months ago that we passed the point where our domestic crude oil production exceeded our imports. That’s the first time in about 20 years that has happened,” Secretary of Energy Ernest Moniz said.

Moniz spoke about the topic at a media round table yesterday as he was in the capital to attend the Abu Dhabi Sustainability Week (ADSW).

He added that the shale oil boom has benefited other sectors as it has resulted in increased production of natural gas and biofuels. In fact, the Energy Information Administration (EIA) is projecting that total liquids production will approach 14 million bpd in the next five years.

Despite so, Moniz assured that the US will remain part of the global oil market and that it will continue to import oil.

“The EIA’s projections do not eliminate continuing US need for significant oil imports. [It is] declining oil imports but still significant. We are now the number two importer of oil in the world,” he said.

The Secretary of Energy also discussed the natural gas sector saying that the US has never been a significant importer of natural gas.

“It is true that over the next years, starting in 2015, we will begin to see [liquefied natural gas] LNG exports from the United States to countries with which we do not have free trade agreements like Japan, India, [and] Spain,” he said.