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))

A BLACK LION FOR DIAMOND OFFSHORE

May 10, 2012

The Houston based offshore drilling contractor announced that a subsidiary, Diamond Offshore Drilling Limited, has entered into a turnkey contract with...

Read More+
OFFSHORE RIG 51 FIRST JACKUP DRILLING RIG

May 10, 2012

Submersible barges fitted with a drilling rig have been the first to go in the shallow waters of the gulf of Mexico, off the coast of Morgan City, Louisiana....

Read More+
PACIFIC CLASS 400 JACKUP FOR PERISAI

May 09, 2012

PPL Shipyard, Singapore, has secured a US$208 million contract to construct a Pacific Class 400 jack-up drilling rig for Perisai Inc., with an option to...

Read More+
BOULDER: THE SOLAR CITY

May 08, 2012

More than 70 years ago, residents of Boulder City, Nevada helped construct one of the largest renewable power plants ever created–the Hoover Dam....

Read More+
HAI YANG SHI YOU CHINA’s FIRST DEEPWATER RIG TO SPUD

May 08, 2012

The first deepwater drilling rig developed in China will be put into service in the South China Sea, 380 km south-east of Hong Kong. The CNOOC rig Hai...

Read More+
ROSNEFT & STATOIL TO JOIN FORCES IN RUSSIA

May 07, 2012

The two giants have agreed to jointly explore offshore frontier areas of Russia and Norway and to conduct joint technical studies on two onshore Russian...

Read More+
THE GOOD OLD EKOFISK

May 06, 2012

Ekofisk is producing today 263,000 barrels a day. Production for June is expected at  7.9 million barrels. Ekofisk discovery came as a Christmas surprise...

Read More+
ROGUE FRACTURES DURING HYDRAULIC FRACTURING

May 05, 2012

The U.S. Interior Department is to finalize new rules to regulate oil and gas drilling on public lands. The rules are designed to address concerns that...

Read More+
TOTAL HIRES PROSPECTOR RIG 1

May 05, 2012

Prospector Offshore Drilling is a new player in the high end, ultra harsh environment jack up kingdom. The company based in Luxemburg with operational...

Read More+
SEADRILL ORDERS NEW MOSS CS60 SEMI

May 04, 2012

Just a few days after confirming the order of a new ultra-deepwater drillship, the Norwegian/Bermudan Seadrill announce  that it has entered into a turnkey...

Read More+
TOTAL AWARDED EXPLORATION RIGHTS OFFSHORE URUGUAY

May 04, 2012

Total from Paris, announces that it has been awarded an exploration license for Uruguay’s offshore Block 14, following the second bidding round held...

Read More+
HALLIBURTON AND GAZPROM SIGN STRATEGIC AGREEMENT

May 03, 2012

Halliburton has signed a Strategic Cooperation Agreement with Gazprom International for the development and implementation of new oil and gas technologies...

Read More+
Page 509 of 511« First...102030...507508509510511

exhibitions And conferences