BHP Billiton has urged the global oil and gas industry to make significant new discoveries to avoid a significant gap in long-term demand.
Diversified resources company BHP Billiton Ltd. has called for the international petroleum industry to find new sources of production in the coming years before the U.S. shale sector peaks.
Speaking at the Australian Petroleum Production and Exploration Association (APPEA) conference in Melbourne this week, BHP Petroleum President Tim Cutt said that unconventional oil in the United States would play an important role in meeting long-term demand and turning around fortunes in the oil and gas industry.
However, he explained that U.S. oil production, which has risen by 3 million barrels a day in the past four years following the shale boom, was likely to peak in the next decade, increasing reliance on new sources around the world.
“Backed by the growth in unconventional oil, the United States will play an important role in meeting this ‘effective’ demand gap,” Cutt said.
“Nevertheless, additional supply will be required from new sources around the globe. These sources of supply will become increasingly important given that U.S. production will likely peak within the next decade.”
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