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
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