Global Leader in International Production Industry News

posted in:

FTTN announces U.S. could surpass Saudi Oil production by 2020

Wednesday, Nov 14, 2012

For First Titan Corp. (OTCBB: FTTN) and other domestic oil and gas drillers working hard to help the U.S. achieve energy independence, some good news emerged Monday. In its annual report, the International Energy Agency said that U.S. oil production could outpace Saudi Arabia by 2020, if current trends continue.

“Market conditions are very favorable for domestic drilling right now, which is why we’ve seen so much activity in and around the Gulf Coast”

High oil prices and advances in technology are the main reasons why U.S. drilling has increased sharply in recent years. Energy plays that were considered too expensive to undertake a decade ago are now rightly seen as potentially lucrative investments. With domestic production on the rise, the U.S. was able to meet 83 percent of its own energy needs for the first half of the year, according to the Energy Department.

First Titan Corp. is already doing its part to put the U.S. over the top. Production began at the company’s first oil and gas well in Alabama this year. Before year's end FTTN has plans to begin drilling a second well, located in Lake Boeuf Field in Lafourche Parish, La., that boasts estimated reserves of 11 billion cubic feet of natural gas and 880,000 barrels of condensate.

Source: Business Wire

To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today

posted in:

Other Production News

EnerJex Resources announces Niobrara operations update and development plans 23-04-2014
PTTEP acquires Hess Corporation in Thailand to strengthen its Thailand investment 23-04-2014
Aker Solutions and Baker Hughes form subsea production alliance 23-04-2014
FX Energy reports successful production test at Tuchola-4K well 22-04-2014
Drilling and production update 18-04-2014
Dejour sees 60% increase in net production at Woodrush 16-04-2014
Oil and gas drilling and production brought to life 15-04-2014
Platform P-20 resumes production 09-04-2014
Gastar Exploration announces Marcellus shale production temporarily interrupted due to rupture of third party-operated pipeline 09-04-2014
Petrobras starts-up third well at SapinhoĆ” field and registers a new monthly production record in the pre-salt 07-04-2014