IEA: US SHALE GAS REVOLUTION DRIVES MARKET TRANSFORMATION

The global natural gas market is undergoing a major transformation driven by new supplies coming from the United States to meet growing demand in developing economies and industry surpasses the power sector as the largest source of gas demand growth, according to the IEA’s latest market analysis and five-year forecast on natural gas. This evolution of the role of natural gas in the global energy mix has far-reaching consequences on energy trade, air quality and carbon emissions, as well as the security of global energy supplies, according to the new report, Gas 2017. Global gas demand is expected to grow by 1.6% a year for the next five years, with consumption reaching almost 4,000 billion cubic meters (bcm) by 2022, up from 3,630 bcm in 2016. China will account for 40% of this growth. Demand from the industrial sector becomes the main engine of gas consumption growth, replacing power generation, where gas is being squeezed by growing renewables and competition from coal. The United States – the world’s largest gas consumer and producer – will account for 40% of the world’s extra gas production to 2022 thanks to the remarkable growth in its domestic shale industry. By 2022, US production will be 890 bcm, or more than a fifth of global gas output. Production from the Marcellus, one of the world’s largest fields, will increase by 45% between 2016 and 2022, even at current low price levels, as producers increase efficiency and produce more gas with fewer rigs. While US domestic demand for gas is growing, thanks to higher consumption from the industrial sector, more than half of the production increase will be used for liquefied natural gas (LNG) for export. By 2022, the IEA estimates that the United States will be on course to challenge Australia and Qatar for global leadership among LNG exporters. “The US shale revolution shows no sign of running out of steam and its effects are now amplified by a second revolution of rising LNG supplies,” said Dr Fatih Birol, the IEA’s Executive Director. “Also, the rising number of LNG consuming countries, from 15 in 2005 to 39 this year, shows that LNG attracts many new customers, especially in the emerging world. However, whether these countries remain long-term consumers or opportunistic buyers will depend on price competition.” (Source: IEA - Image: Ole Jorgen Bratland / Statoil))

STATOIL SECURES WEST SATURN DRILLSHIP

July 14, 2017

Statoil Brasil Oleo e Gas Ltda has awarded Seadrill rig contracts for exploration drilling in the BM-S-8 license in the Santos basin. The agreement includes...

Read More+
PROVIDENCE STARTS OPERATIONS IN SOUTHERN PORCUPINE BASIN

July 14, 2017

Providence Resources, the Irish based Oil and Gas Exploration Company provides an operational update regarding Frontier Exploration Licence 2/14 located...

Read More+
STATOIL STRENGTHENS POSITION IN BM-S-8 OFFSHORE BRAZIL

July 14, 2017

Statoil ASA and Queiroz Galvao Exploraçao e Produçao (QGEP) have signed an agreement for Statoil to acquire QGEP’s 10% interest in the BM-S-8 licence...

Read More+
TOTAL AND QATAR PETROLEUM START AL-SHAHEEN OPERATIONS

July 13, 2017

Total and Qatar Petroleum will take over the operatorship of the giant Al-Shaheen offshore oil field for a period of 25 years beginning July 14, 2017....

Read More+
TALOS REPORTS HISTORIC OIL DISCOVERY OFFSHORE MEXICO

July 13, 2017

Talos Energy as operator, together with its joint venture partners Sierra Oil and Gas and Premier Oil, is pleased to announce that the Zama-1 exploration...

Read More+
SHELL EXITS IRELAND UPSTREAM BUSINESS

July 13, 2017

Shell Energy Europe Limited has signed an offtake agreement for some 40% of the Corrib gas venture’s production for up to three years following completion....

Read More+
ENI BOOSTS ESTIMATES OF AMOCA FIELD OFFSHORE MEXICO

July 12, 2017

Eni has successfully drilled and tested the Amoca-3 well in the shallow waters of Campeche Bay, in offshore Mexico. It has proven the presence of multiple...

Read More+
SENEGAL: CAIRN HITS HYDROCABONS IN SANGOMAR DEEP

July 12, 2017

Cairn announces the results of the FAN South-1 well in the South Fan prospect offshore Senegal. The well encountered hydrocarbon bearing reservoir (Lower...

Read More+
NEW CONTRACTS FOR ENSCO DS-4, DS-10 AND DS-7

July 12, 2017

Ensco has been awarded three drillship contracts offshore West Africa, representing an aggregate three years of contracted term and more than six additional...

Read More+
DNO SPUDS THIRD PESHKABIR WELL IN KURDISTAN

July 12, 2017

DNO ASA, the Norwegian oil and gas operator, today announced resumption of appraisal drilling at the Peshkabir discovery on the Tawke license in the Kurdistan...

Read More+
TOTAL HIRES FRIGG JACKUP TO DRILL OFFSHORE NIGERIA

July 11, 2017

Newly formed BORR Drilling, in conjunction with the Nigerian partner company Valiant Energy Services Wesrt Africa has received a letter of commitment from...

Read More+
ERIN ENERGY TO SPUD OYO-9 OFFSHORE NIGERIA

July 11, 2017

Erin Energy Corporation provided an update today on its drilling operations that are expected to double production for the Company and also updated its...

Read More+
Page 3 of 51112345...102030...Last »

exhibitions And conferences