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The most obvious impact has been to lower imports of the sort of light sweet oils that compete head on with those produced in the Bakken and Eagle Ford.
Refiners in recent years have carried out major construction to increase capacity for handling heavy, sour crudes because it appeared supplies of light, sweet oil were running out, Kent said.
The combination of low cost structure and product mix of light sweet oil and liquids rich natural gas, position the Company to remain profitable even if commodity prices decline further from current levels.
Since 2000, BP has been trying to sell its 50% stake in the remaining blocks in these areas, where proven and probable sweet oil reserves were put at 100m barrels.
In April alone, top pipeline companies such as Enterprise Products, Nustar Energy and Koch pipelines announced five projects to build new crude and condensate lines or expand older ones, bringing the rising supply of high quality light, sweet oil to giant Gulf Coast refiners.
One structure extending into Syria's Deir El Zor is rich in sweet oil.
188 well which started flowing at a rate of 34 barrels per day of light sweet oil.
Most of them sought to refine Nigerian light sweet oil in order to generate a significant amount of middle distillates and gasoline, the profit-making products for refineries.
One structure extending into Syria adjacent to Deir El Zor is rich in sweet oil.
While the main development target is the Vaca Tar Sands where modern heavy oil recovery techniques are being implemented by Tri-Valley, the Company is highly confident that deeper zones contain producible quantities of light gravity sweet oil as the Oxnard Field has already produced 25,000,000 barrels of light, sweet crude, offering the potential of parallel development of other zones along with the heavy oil program.
In the North Shafter field, the closest analog to Rio Bravo, Texas Crude, EOG Resources and Chevron Texaco have produced in excess of 7 million barrels of light sweet oil reserves from the Monterey shale to date.
The economic transformation resulting from the renaissance in light sweet oil production has been great for our industry and our country.