U.S. Oil Industry Can Survive Low Prices

Vienna, Austria, June 4, 2015 -- Despite lower oil prices, the U.S. oil shale industry is in decent shape, according to Ryan Lance, CEO of oil firm ConocoPhillips.

He said innovations will enable oil recovery at much lower cost, and the industry will be able to survive Brent crude prices as low as $50 per barrel.

"Innovations have already led to a U.S. energy renaissance," Lance told told a seminar organized by OPEC.

"Tight-oil reservoirs can remain viable today, breakeven costs are already down by 15 to 30 percent. We’re in the second inning of a nine-inning game. We’re still trying to figure out how to get the optimum amount of flow through the reservoir. There are more (gains) to come."

Lance said it's unlikely oil prices will decline again to the $40 range.