On December 10, 2014 6:52 pm
By: Rick Stouffer, Senior Energy Editor, Shale Energy Business Briefing
North American Gas Production Will Nearly Triple by 2040: ExxonMobil
North American unconventional gas production will nearly triple by 2040, and is expected to surpass the combined output of Russia and the Caspian Sea region as the largest gas-producing area in the world, ExxonMobil’s new annual study, “Outlook for Energy: A View to 2040,” projects.
Natural gas is expected to be the fastest-growing major fuel source during the outlook period 2015-2040, as demand increases by about 65%, according to the study.
Half of the increase will come from the Asia-Pacific Region, led by China. Utilities and industrial operations are expected to account for about 80% of the demand increase worldwide, as operators increasingly choose natural gas because of its lower emissions and versatility as a fuel and feedstock.
By 2040, natural gas is expected to account for more than a quarter of global energy use, surpassing coal in the overall mix, the ExxonMobil outlook projects.
The outlook projects a major shift as North America will likely become a net exporter of liquids by 2020, due to an increase in tight oil, natural gas liquids, and bitumen from Canadian oil sands. This is expected to open new trading opportunities as Asia-Pacific’s net imports are projected to rise by nearly 80% by 2040, according to ExxonMobil.
Other briefs mentioned in this briefing:
- Goodrich Petroleum to ‘Explore Options’ for Company’s Eagle Ford Assets
- North Dakota Approves Strict New Standards for Crude Oil Shipped Via Rail
- EagleClaw Midstream Acquires East Toyah Gathering/Processing System in West Texas
- PAA Completes Public Offering of $1.15 Billion of Senior Notes
- Jones Energy Acquires Texas Panhandle Acreage, with Option to Buy More
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