The report examines energy trends and developments in the Americas over the last decade, focusing particularly on reserves, resources, production, consumption, trade and investment.

The year 2012 saw the continent as the world’s second largest producer and consumer of liquid fuels and the leading consumer of natural gas, with reserves and resources only indicating more growth in this area.

Most of the total trade in the region was done internally, with the US importing more than 5 million barrels per day of crude oil over the 2003-2012 period from local sources, primarily Canada, Mexico and Venezuela.

These statistics are set to be reversed, however, as the US has seen an increase in production, resulting in more overseas exports to Asia and less imports.

Export is already on the rise in the US, with 2012 seeing 2MMbpd of oil sent to countries in the region such as Mexico and Canada, compared with 600,000bpd in 2003.

The EIA report further predicts that future extraction, development and commercialisation of hydrocarbon resources will depend heavily on national policies concerning foreign investment.

Mexico recently joined the US, Canada, Brazil and Columbia in allowing foreign private investment in the energy sector, a move set to take advantage of greatly increased Asian investment in the region over the last five years, particularly from Chinese national oil companies.