The data is based on research into current and projected oil production levels, extraction costs, exploration projects that are underway or in the pipeline and growth projections for developed and developing nations.
Overall, the expanded artificial lift product portfolio will allow GE to continue to grow in the current changing oil and gas production market.
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The new government has set a goal of increasing oil production from the current 1.4 million barrels a day to just below 2 million by 2015.
There currently appears to be sufficient supply of non-Iranian oil to permit foreign countries to significantly reduce their import of Iranian oil, taking into account current estimates of demand, increased production by countries other than Iran, inventories of crude oil and petroleum products, and available strategic petroleum reserves.
It would require an eminently achievable roughly 70 percent increase over the decade from current levels of oil, gas and coal production.
Another important thing to look at is reserve life index, or how many years of oil remain in proven reserves, at current production rates.
According to the research, carried out by consulting firm Arup, oil production levels will grow from the current 85 million barrels per day to peak at 95 million in about five years.
The measure would repeal their current ability to deduct 6% of their oil and gas production income from their tax liabilities.
In the short term, we need to increase safe and responsible oil production here at home to meet our current energy needs.
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Though this does not affect current production, it has highlighted a problem that all the big oil companies face: working out how they are going to replace the oil that they lift every year.
If Saudi Arabia boosted production and cut the price of oil in half, the kingdom could still finance its current spending.
Under current law, the federal government and states share in revenues received from mineral production on federal lands, including oil, natural gas and any other minerals that are mined in a given state.
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