The Independents are Crucial to U.S. Oil Production, Says the Pioneer Chief Exec

“Independents will play an important role in providing the supply for continually growing worldwide energy demand,” says Pioneer chairman, Scott Sheffield, in the new World Energy magazine. Unlike the majors they are “able to profitably tackle smaller prospects and discoveries.”

“The independents continue to discover new fields and extend existing fields to provide the United States with more domestically produced oil and gas,” by encouraging “scientists and engineers to take appropriate risks and pursue new ideas,” he says. The article can be viewed at www.WorldEnergySource.com.

The independents increased their U.S. production by approximately 3 percent in 2004, while the production of the majors declined by 10 percent. They currently produce about half of the total oil and gas produced in the United States.
Forbes