HOUSTON, Sept. 10 (Xinhua) -- U.S. crude oil production is expected to grow by 74 percent, or more than 4.9 million barrels per day, to 11.6 million barrels per day within 10 years, according to estimates based on a boom in shale oil exploration.
The report published Monday by Platts' energy data analytics unit Bentek Energy (Bentek) attributed the increase largely to shale oil activity of the Eagle Ford and Bakken plays in mid-western United States and parts of Canada.
Bentek predicts that the production climb would be accompanied by lower U.S. and Canadian oil prices.
The report said increased domestic production would dovetail with a decline in waterborne imports from 6.7 million barrels per day in 2011 to less than 1 million barrels per day in 2022.
"Not only will the projected record growth in oil production affect North America, it will have dramatic implications for global crude oil markets," said Jodi Quinnell, Bentek oil analysis manager.
"We foresee a massive displacement of traditional waterborne oil imports to the United States by 2022, taking them from 45 percent of U.S. total crude supply to no more than 5 percent."
Other analysts had been similarly bullish in recent months. They also attributed the projected spikes in oil production to development from shale and other so-called "tight" plays.
Founded in 1909, Platts is a global provider of energy, petrochemicals and metals information and a premier source of benchmark prices for the physical and futures markets.
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