NEW YORK, NY -- (Marketwire) -- 01/30/12 -- North American Oil and Gas stocks are on the upswing as production surges. Energy markets information and analytics company, Bentek Energy, estimates that U.S. and Canadian oil output is set to jump by 36 per cent, or 3.1 million barrels per day, through 2016 as a rush of crude from shale and other tight oilfields comes onstream. Five Star Equities examines investing opportunities in the Oil & Gas Sector and provides equity research on SeaDrill Limited (NYSE: SDRL) and Pengrowth Energy Corporation (NYSE: PGH) (TSX: PGF). Access to the full company reports can be found at:
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According to a recent report from energy markets analytics firm, Colorado-based Bentek Energy, Canadian crude production is expected to rise by 23 percent to 763,000 barrels per day by the end of 2016 with much of the increase driven by oilsands projects and by conventional crude plays gaining momentum through technologies such as horizontal drilling and multi-stage fracturing.
On the downside for Canada's oil and gas sector, the latest Annual Energy Outlook report by the U.S. Department of Energy estimates that Canada's natural gas imports to the U.S. could fall by 62% by 2035 as the U.S. enjoys a shale gas production boom.
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In the US, President Barack Obama pitched a plan last month to boost U.S. use of natural gas and open more land for offshore drilling during a tour aimed at bolstering confidence in his economic stewardship, Reuters reports. Obama said the United States needs an "all-out, all-in, all-of-the-above strategy" to develop energy resources at home and that doing so would create American jobs.
"A great place to start is with natural gas," Obama said. "Developing it could power our cars, our homes, and our factories in a cleaner and cheaper way. The experts believe it could support more than 600,000 jobs by the end of the decade."
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