US natgas reserves likely reached 35-year high – trade group

06 April 2010 18:03  [Source: ICIS news]

HOUSTON (ICIS news)--US natural gas reserves likely increased for an 11th consecutive year in 2009, reaching their highest level in 35 years, the American Gas Association (AGA) said on Tuesday in an annual report.

US natural gas reserves ended 2009 at 245,000bn cubic feet, the group estimated, with much of the supply optimism resulting from unconventional resources such as natural gas from shale and right sands.

“Natural gas supply in this country remains bullish,” said David Parker, AGA president and CEO. “Production is also up, underpinned by the recent development of secure, domestic natural gas resources in deepwater offshore, as well as unconventional gas in the lower 48 states.”

Natural gas is widely used by chemical producers as a feedstock and power fuel.

AGA said the numbers were likely to hold steady for the foreseeable future unless significant policy decisions were reached to restrict access to potential resources of domestic natural gas.

Last week, the Obama administration pledged to open up even more of the US for potential drilling as part of its energy plan.

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By: Ben DuBose
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