U.S. oil production can “comfortably” continue its strong growth over the next few years, in spite of hold-ups caused by a shortage of pipeline capacity in Texas, the CEO of the country’s largest exploration and production company has said.
Ryan Lance of ConocoPhillips Co. (NYSE: COP) attracted attention when he told a conference last month that his company was looking at redeploying resources out of the Permian Basin of Texas and New Mexico, the heart of the new U.S. oil boom.
But talking to the Financial Times, Lance made clear that he saw it as only a temporary delay, caused by the fact that ConocoPhillips had been taken by surprise by how quickly the pipelines for taking oil out of the region had filled up.