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ConocoPhillips Message Board

  • rjraecek rjraecek Jun 14, 2012 1:17 PM Flag

    warning to opec

    ConocoPhillips Chief Executive Ryan Lance has caused a stir by warning an audience including OPEC oil ministers that North America could become self-sufficient in oil by the middle of the next decade, ending the region’s dependence on imports.

    “In 1990, North American reserves and production were falling, but thanks to unconventionals proved reserves have risen 68% since then,” Lance told an audience of OPEC ministers on Wednesday.

    “North America could become self sufficient in oil as well (as gas) by 2025,” he said at a conference before OPEC’s policy-setting meeting in Vienna.

    Lance probably overstated the potential for regional self-sufficiency. The most comprehensive estimates put potential North American production at no more than 15-18 million barrels per day by 2035, up from 11.4 million in 2011 but still somewhat short of the 21 million barrels per day that the United States and Canada consumed last year.

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