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

People & Company News

Duke Energy to Help Develop Jeffersonville Port Site

Duke Energy Indiana has selected a 140-acre parcel of land inside the Port of Indiana-Jeffersonville in Clark County for the utility's 2015 Site Readiness Program.

UNOLS Seeks Nominations for Council Positions

The University-National Oceanographic Laboratory System (UNOLS) is an organization of academic oceanographic institutions working in cooperation with agencies of the U.

Savannah Harbor Expansion Project Update

Lt. Gen. Thomas Bostick, commander of the U.S. Army Corps of Engineers, visited the Port of Savannah on Thursday, for an update on the Savannah Harbor Expansion Project (SHEP).

Energy

Lifting of US Crude Oil Export Ban Possible within Year

The U.S. Congress could lift the 40-year old ban on domestic crude oil exports within a year as a drop in gasoline prices and the potential return of Iranian

Duke Energy to Help Develop Jeffersonville Port Site

Duke Energy Indiana has selected a 140-acre parcel of land inside the Port of Indiana-Jeffersonville in Clark County for the utility's 2015 Site Readiness Program.

Fluxys LNG Launches Zeebrugge Capacity Consultation

Belgian gas infrastructure operator Fluxys said on Thursday it was launching a market consultation to assess demand for additional capacity at the Zeebrugge liquefied natural gas terminal in Belgium.

Fuels & Lubes

Fluxys LNG Launches Zeebrugge Capacity Consultation

Belgian gas infrastructure operator Fluxys said on Thursday it was launching a market consultation to assess demand for additional capacity at the Zeebrugge liquefied natural gas terminal in Belgium.

6,000 Gallons of Diesel Spilt in Alaskan Gulf

Unified Command responding to cleanup aboard vessel in Seldovia, Alaska   A Unified Command consisting of representatives from the U.S. Coast Guard, U.S. Department of the Interior,

Korean Register Opens Green-ship Certification Center

The Korean Register informs it has formally opened the Green-ship Equipment Test Certification Center in Gunsan, Jeonbuk, Korea.   This large-scale facility will

LNG

Fluxys LNG Launches Zeebrugge Capacity Consultation

Belgian gas infrastructure operator Fluxys said on Thursday it was launching a market consultation to assess demand for additional capacity at the Zeebrugge liquefied natural gas terminal in Belgium.

Bids Placed for Novy Port Icebreaker Contract

Seven companies submit bids for contract for Yamal Novy Port terminal icebreaker   The tendering process for the Yamal Novy Port terminal icebreaker design and build contract has kicked off,

LNG Vessel with Wartsila Integrated Solutions Delivered to Evergas

The first in a series of 27,500 cbm 'Dragon' class vessels ordered by Evergas, a world renowned owner and operator of seaborne petrochemical and liquid gas transport vessels,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | 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: 0.3290 sec (3 req/sec)