The oil and gas industry achieved a net production increase of 164bn cubic metres (bcm), which represents the highest production growth since 2010, according to research by Rystad Energy.
“Year-on-year growth was clearly driven by North America, which accounted for 71 bcm, followed by the Middle East with 39 bcm. Europe was the only region that experienced a reduction in 2018,” Rystad Energy partner Espen Erlingsen said.
Rystad Energy forecasts the supply surge will continue in the coming years. Expected average annual growth from 2018 to 2021 is 115 bcm, which would outpace the average annual growth from 2011 to 2017 by 90%.
“Going forward, global growth will be driven primarily by North American gas, which is going through an LNG development phase,” Erlingsen added.
Rystad Energy, the independent energy research and consulting firm headquartered in Norway with offices across the globe, expects that US gas production will reach almost 1,000 bcm per year (94 bcfd) by 2025.
The weakest global annual growth was observed in the 2015-2016 cycle, when global gas output grew by only 12 bcm. This was also the only period in which North America experienced a year-on-year reduction in gas production growth.
Source:Marinelink
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