BENTEK Energy reveals expected oil industry growth

BENTEK Energy has revealed that it expects its crude oil production in south Texas' Eagle Ford Shale to grow by five times over the next five years.

According to the company, the Eagle Ford Shale looks set to yield increasing amounts of oil due to its vast liquid resources split across three areas.

It has told the oil industry that it is this heavy liquids content that makes this south Texas location stand out among others.

Currently, the Eagle Ford Shale produces 71,000 barrels of oil each day - a figure that BENTEK expects to soar to 421,000 by 2015.

Meanwhile, the production of dry natural gas is expected to increase too; however, at a slightly lower rate.

"We are projecting that dry natural gas production, mostly located in the southern portion of the Eagle Ford, will increase from 1.4 billion cubic feet per day (Bcf/d) to more than 3.5 Bcf/d by 2014," comments managing director of the company E Russell Braziel.

Recently, Statoil announced an oil industry find in offshore Brazil.

The 130-metre oil column was discovered in the Peregrino field, the firm revealed.