Monday, February 11, 2019
Global natural gas production grew at a record clip in 2018, driven by North America, according to research by Rystad Energy. The industry achieved a net output increase of 164 billion cu meters (Bcm; nearly 5.8 Bcf), which represents the highest production growth since 2010.
“Year-on-year growth was clearly driven by North America, which accounted for 71 Bcm, followed by the Middle East with 39 Bcm,” said Espen Erlingsen, Rystad Energy partner. “Europe was the only region that experienced a reduction in 2018.” Rystad forecasts the supply surge will continue in the coming years. Expected average annual growth from 2018 to 2021 is 115 Bcm, which would outpace the average annual growth from 2011 to 2017 by 90%.
“Going forward, global growth will be driven primarily by North American gas, which is going through an LNG development phase,” Erlingsen added. Norway-based Rystad Energy, an independent energy research and consulting firm with offices across the globe, expects U.S. natural gas production will reach nearly 1000 Bcm a year (94 Bcfd) by 2025. Further, the weakest global annual growth was observed in the 2015-2016 cycle, when world gas output grew by only 12 Bcm. This was also the only period in which North America experienced a year-on-year reduction in production growth.
(SOURCE: The Weekly Propane Newsletter. Subscription available with once or twice weekly updates at BPNews.com)
“Year-on-year growth was clearly driven by North America, which accounted for 71 Bcm, followed by the Middle East with 39 Bcm,” said Espen Erlingsen, Rystad Energy partner. “Europe was the only region that experienced a reduction in 2018.” Rystad forecasts the supply surge will continue in the coming years. Expected average annual growth from 2018 to 2021 is 115 Bcm, which would outpace the average annual growth from 2011 to 2017 by 90%.
“Going forward, global growth will be driven primarily by North American gas, which is going through an LNG development phase,” Erlingsen added. Norway-based Rystad Energy, an independent energy research and consulting firm with offices across the globe, expects U.S. natural gas production will reach nearly 1000 Bcm a year (94 Bcfd) by 2025. Further, the weakest global annual growth was observed in the 2015-2016 cycle, when world gas output grew by only 12 Bcm. This was also the only period in which North America experienced a year-on-year reduction in production growth.
(SOURCE: The Weekly Propane Newsletter. Subscription available with once or twice weekly updates at BPNews.com)
