Unconventional Gas: Strong Growth in Drilling & Production Forecast

Tuesday, October 04, 2011
Chart: Production Excluding America

Douglas-Westwood has published the first edition of its Unconventional Gas: World Production & Drilling Forecast – a study which details the multi-billion dollar opportunities in this rapidly developing energy sector through to 2020.


Andrew Reid, CEO, commented, “Douglas-Westwood forecast strong and continual development in the unconventional gas sector in Europe and Asia-Pacific, following the success of the now well established shale gas  sector in North America.” Reid continued, “By 2020, Douglas-Westwood forecast the global production of unconventional gas will reach almost 800bcm, up from 450bcm in 2011.” Although production outside North America is currently low, exploration activity has increased dramatically in recent years in countries such as Australia, China and Poland. Global energy market conditions have made unconventional gas development economically feasible, but commercial production in Europe is not expected until at the least the middle of this decade.


The role of natural  gas in the world’s primary energy mix is set to grow ever-more important in the coming years. With gas consumption growing relative to oil, natural gas production will increase dramatically in future decades. Natural gas is being touted as a bridging fuel towards a low-carbon world, while lingering doubts around long-term supply of oil are also fueling gas demand. Within this climate, the development of unconventional gas can be viewed as gamechanging. The reserve size and location of gas (along with the prevailing conditions) mean in the coming years unconventional gas development may have an effect on the world similar or greater than that of LNG.
 

Report author, Joseph Dutton, concludes, “Since 2010 in excess of $70bn has spent on M&A transactions involving unconventional gas operators and service companies. With the majority of these in the North American market, investment has since turned to development opportunities in Europe and Asia-Pacific. The growing importance of natural gas in the global energy market ensures that unconventional gas will play a fundamental role in primary energy production in the future.”
 

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

USCG Free Boat from Ice Near Woods Hole

A Coast Guard crew responded to a fishing vessel trapped in ice in Woods Hole Passage, Woods Hole, Massachusetts, Saturday. At about 3 p.m., the crew of the fishing boat Capt.

Tug Boat Owner Jailed After Crew Man Dies

A tug boat owner was today was given an 8 month custodial sentence after his crew member died trying to reattach a tow line in a violent storm. During today’s hearing at Southampton Crown Court,

COMPIT to Showcase Smarter Ships, Systems & Solutions

The 14th International Conference on Computer and IT Applications in the Maritime Industries (COMPIT) will take place from 11th to 13th May 2015 in Ulrichshusen, Germany.

Energy

Mitsubishi Bags Fourth LPG Carrier Order from Astomos

Tokyo-based Astomos Energy Corp has placed an order today with Mitsubishi Heavy Industries (MHI) for a very large liquefied petroleum gas (LPG) carrier.     The 83,

GasLog Post 4Q 2014 Results

GasLog Ltd. and its subsidiaries an international owner, operator and manager of liquefied natural gas carriers, today reported its unaudited financial results for the quarter ended December 31,

Petrobras Downgrade Shakes Market

Moody's shocked bond investors this week with a surprise two-notch downgrade that put Brazilian oil company Petrobras in junk territory. The move was seen by some investors as overly assertive,

Fuels & Lubes

ADB Okays $30mln for Pak LNG Terminal

The Asian Development Bank (ADB) has approved a $30 million project loan to Engro Elengy Terminal Private Limited, a special purpose company which will build Pakistan’s

Brightoil Reports Steady Growth in Interim Results

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period,

Lithuania Looks to U.S. for Gas

Lithuanian liquefied natural gas (LNG) importer Litgas has signed a preliminary agreement with a U.S. supplier, looking to lessen the Baltic nation's dependence on Russia.

LNG

ADB Okays $30mln for Pak LNG Terminal

The Asian Development Bank (ADB) has approved a $30 million project loan to Engro Elengy Terminal Private Limited, a special purpose company which will build Pakistan’s

Davie Building LNG-powered Ferries

Canadian shipbuilder Davie held a keel laying ceremony for MV Armand-Imbeau II, marking the beginning of the hull assembly for this first of two sisterships under

ClassNK Updates Guidelines for Floating Offshore Facilities

ClassNK released a new version of its Guidelines for Floating Offshore Facilities for LNG/LPG Production, Storage, Offloading and Regasification.   Available on the ClassNK website,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1593 sec (6 req/sec)