Hydraulic fracturing and horizontal drilling have contributed to the current shale-oil boom in the U.S. The IEA predicts oil production in the U.S. in 2020 will peak at 11.1 million barrels a day, compared to 8.1 million barrels a day in 2011. U.S. oil imports are forecasted to decline to four million barrels a day from the current rate of 10 million barrels a day within the next decade.
“By around 2020, the United States is projected to become the largest global oil producer” and will surpass Saudi Arabia for a period of time, the IEA said. “The result is a continued fall in U.S. oil imports [currently at 20% of its needs] to the extent that North America becomes a net oil exporter around 2030.”
Forest’s principal reserves and producing properties are located in the United States in Arkansas, Louisiana, Oklahoma, Texas, Utah, and Wyoming. The company reported average oil net sales volumes of 8.9 MBbls/d in the third quarter, which was an increase of 29 percent from the third quarter of 2011 and 7 percent from the second quarter of 2012.
PetroQuest Energy is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in the Arkoma Basin, East Texas, South Louisiana and the shallow waters of the Gulf of Mexico. The company reported production of 8.5 Bcfe in the third quarter, a 15% increase from the 7.4 Bcfe produced in the year ago quarter.