‘Major growth’ predicted for heavy crude oil

Global production of heavy crude oil will rise to 12.3 million barrels per day by 2020, claims a new study. The annual outlook by industry publisher Hart Energy suggests that […]

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By Vicky Ellis

Global production of heavy crude oil will rise to 12.3 million barrels per day by 2020, claims a new study. The annual outlook by industry publisher Hart Energy suggests that new output from Canada, Venezuela and the Middle East will boost production.

Heavy Crude Oil: A Global Analysis and Outlook to 2035, shows that average daily output could even reach 16 million barrels by 2025 and stay this level for a decade.

Laura Atkins, Hart Energy’s Director of Petroleum Research, said a rise was likely despite the extra cost to extract heavy crude oil because it does not flow as easily as light crude.

Ms Atkins said: “With worldwide sources of low cost light crude diminishing and energy needs spiraling upward each year, heavy crude oil costs are competitive with shale oil, deep-water fields, arctic development and other potential new sources of crude oil.”