You are here

Global oil production to skyrocket by 2020 - report

13th August 2012

The world’s oil output could increase by 29 million bopd by 2020, a new study by Harvard University suggests

Global oil production to skyrocket by 2020
The increase will hail an expansion of unconventional oil such as US shale/tight oils, Canadian tar sands, Venezuelan extra-heavy oils and Brazil’s pre-salt oils

New resources in the Western hemisphere could offer a significant boost to production over the present decade, a June study from Harvard University’s Kennedy School of Government suggests.

An additional 17.6 million barrels of oil per day could come online in 2020 and boost global production to 110.6 million barrels of oil per day, the report said.

“This would represent the most significant increase… since the 1980s,” said Leonardo Maugeri, author of the study.

The additional production to be available by 2020 was estimated at 29 million barrels of oil per day.

The oil revival stems from record global investments in oil and gas exploration over the past decade, which totalled USD 1.5 trillion in the past three years alone, Maugeri said.

According to the expert, this will hail an expansion of unconventional oil such as US shale/tight oils, Canadian tar sands, Venezuelan extra-heavy oils and Brazil’s pre-salt oils.

The Western hemisphere’s resourcefulness will affect global energy dynamics, Maugueri said. The US, Canada and Brazil are among the countries with the highest potential in terms of effective production capacity growth, the report estimated.

Only four current oil suppliers with more than 1 million barrels of oil per day of production capacity – Norway, the United Kingdom, Mexico and Iran – are expected to face a net reduction of their production capacity by 2020.

Got a news tip? Email news@oilandgastechnology.net