The World Needs 390 Billion Barrels of New Oil Production by 2035

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Sticking with the international theme, Norway’s Statoil ASA (ADR) (NYSE:STO) is another company focused on meeting the world’s oil needs. The company has made nine recent high-impact discoveries, which will drive future production growth. In fact, last year it discovered the third largest volume of oil and gas among its peer group. With the billions it spends each year on exploration, it sees the potential for another 20 high-impact wells by 2015.

Finally, one oil exploration company that doesn’t get a whole lot of credit is Anadarko Petroleum Corporation (NYSE:APC), which was right behind Statoil in terms of volumes discovered last year. It’s repeating that success this year, having announced three major discoveries in the Gulf of Mexico. The company sees these projects driving 5%-7% annual oil and liquids production growth through 2020, with future upside if it discovers more oil than expected.

Finding and producing the 390 billion barrels to fill the globe’s demand will keep oil companies busy. The good news is that the resource is there. Oil producers just need to invest a lot of capital to get it. That should prove to be a very profitable as long as oil prices stay over $100 per barrel, which is a pretty sure bet.

The article The World Needs 390 Billion Barrels of New Oil Production by 2035 originally appeared on Fool.com and is written by Matt DiLallo.

Fool contributor Matt DiLallo has no position in any stocks mentioned. The Motley Fool recommends Chevron, Petrobras, and Statoil.

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