U.S. could soon be world leader in shale production
The United States is the world’s largest producer and consumer of gas, due in part to the dramatic growth in the domestic shale industry.
This growth is being driven largely by Marcellus Shale, a region stretching from the southernmost point of West Virginia to New York and considered one of the world’s largest fields. Output there is expected to increase by 45% between 2016 and 2022. Consequently, the US is expected to challenge Australia and Qatar as the world’s largest liquefied natural gas (LNG) exporter.
“The U.S. shale revolution shows no sign of running out of steam and its effects are now amplified by a second revolution of rising LNG supplies,” said International Energy Agency (IEA) Executive Director Faith Birol. “Also the rising number of LNG consuming countries, from 15 in 2005 to 39 this year, shows that LNG attracts many new customers, especially in the emerging world.”
U.S. LNG is seen as the catalyst for evolution in the international gas market, diversifying supply, challenging traditional business models and suppliers, and transforming global gas security, according to the IEA.
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