The U.S. shale boom kicked off with natural gas a decade ago, and dry gas production is expected to keep surging by another 60 percent during the next 20 years, according to a new report Wednesday.
While much of the shale focus is now on oil production in West Texas, it all started with natural gas production. And that growth isn’t showing any signs of dissipating. U.S. natural gas production already has jumped by about 60 percent in just over a decade and is now poised to replicate that feat over the next 20 years, according to the IHS Markit research firm report.
The U.S. was churning out about 50 billion cubic feet of gas a day through conventional production means before the boom, and that has since skyrocketed to an estimated record of more than 81 billion cubic feet daily this year – a 10 percent hike from 2017 – according to the U.S. Energy Department. The U.S. is by far the global leader in gas production.
A 60 percent spike from 2017 levels would calculate to about 118 billion cubic feet a day by the end of 2037.View Article