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

People & Company News

Shell's Arctic Return Faces Hurdle at Seattle Port

Royal Dutch Shell's quest to return to Arctic drilling for the first time in three years could face delays after Seattle ruled that the city's port must apply for

Matson Q1 Results Show Improved Performance

Matson, Inc. today reported net income of $25 million, or $0.57 per diluted share for the quarter ended March 31, 2015. Net income for the quarter ended March 31, 2014 was $3.

Willard Adds Sales Manager for Gulf Coast, Florida

Willard Marine, Inc. has hired Jimmy Sorenson as regional sales manager for the Gulf Coast and Florida.   Sorenson served 11 years with the U.S. Coast Guard in

Energy

Shell's Arctic Return Faces Hurdle at Seattle Port

Royal Dutch Shell's quest to return to Arctic drilling for the first time in three years could face delays after Seattle ruled that the city's port must apply for

Bergen Group Cancels Rig Facilities Sale

The Bergen Group has decided to terminate a sales agreement that would see Semco Maritime acquire its rig service yard facilities at Hanøytangen. The real estate

IMCA Publishes Guidelines for DP OSV Safe Operations

Reliable and robust methods of positioning are required for safe vessel operations in close proximity to offshore installations. Dynamic positioning (DP) is well-established

Fuels & Lubes

Hybrid Power for Workboats: The Future is Now

Hybrid marine power and propulsion systems for workboats isn’t farfetched. In fact, it may be essential.   In 2015, two significant developments are going to make many operators,

SENER Develops Multipurpose Subsea Support Vessel

Operators are demanding more efficient, less consuming and more capable vessels, while shipbuilders need to achieve it in a very competitive environment. As a ship design firm,

Wärtsilä 50DF Engine Operates on Ethane

The Wärtsilä 50DF marine engine has been tested and certified to run on ethane (LEG) fuel. The testing program was carried out by Wärtsilä in close collaboration with Evergas,

LNG

Hybrid Power for Workboats: The Future is Now

Hybrid marine power and propulsion systems for workboats isn’t farfetched. In fact, it may be essential.   In 2015, two significant developments are going to make many operators,

USCG Monitors LNG Carrier Repair in Alaska

The U.S. Coast Guard (USCG) is monitoring repairs aboard the liquid natural gas (LNG) carrier Excel in Homer, Alaska.    The vessel was received an order from

LNG Tanker Due in UK Around May 6

Britain's Isle of Grain liquefied natural gas (LNG) import terminal is set to receive the GDF Suez Point Fortin tanker on around May 6, live ship-tracking data on Reuters Eikon shows.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Port Authority Salvage Ship Electronics Ship Repair Sonar 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: 0.2765 sec (4 req/sec)