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US shale boss predicts that offshore oil will soon die out

Oil companies which invest in deepsea fields and new exploration fields at sea will soon be a thing of the past, says a US shale billionaire who predicts strong growth in shale oil over coming years.

Photo: /ritzau/AP/LM Otero

WASHINGTON DC

The US shale industry is now far past the crisis triggered by the oil price plunge in 2014, and is basking in the current oil price environment of USD 40 to 45 per barrel. Thus claimed Scott Sheffield, when he took the stand as one of the keynote speakers during the US Energy Information Administration (EIA) conference in 2017 in Washington DC Monday.

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