23 January 2012 16:42 [Source: ICIS news]
WASHINGTON (ICIS)--Increasing growth in domestic oil and natural gas production along with energy efficiency gains and slower economic growth will make the ?xml:namespace>
In its annual long-term energy outlook, the department’s Energy Information Administration (EIA) said its analysis of
In addition, the EIA said it expects domestic oil production to grow by more than 20% over the next decade.
“Over the next ten years, continued development of tight oil combined with the development of offshore
Citing increased domestic oil and gas production, EIA director Howard Gruenspecht said
“Net petroleum imports as a share of total
For natural gas, Gruenspecht said domestic production will increase substantially over the next two decades, with output from shale gas accounting for all of the gains.
EIA said it expects overall domestic natgas production to increase from around 22,000bn cubic feet (bcf) in 2010 to or beyond 27,000 bcf in 2035.
While all other sources of domestic gas – tight gas, offshore production, oil-related gas production, etc. – decline by varying degrees over the forecast period, shale gas output increases significantly.
According to EIA, shale gas accounted for around 23% of all domestic gas production in 2010 but will grow to a 49% share by 2035.
As a result of those forecast gains in shale gas production, Gruenspecht said US gas output will exceed consumption early in the next decade.
Those gains in domestic oil and natgas production, the EIA said, means net imports of energy as a share of total
“The projected net import share of total
World liquids consumption is forecast to grow from 87.1m bbl/day in 2010 to 109.7 bbl/day by 2035, the administration said.
Driven by growing demand in China, India, the Middle East and other developing economies, the global price of oil is forecast to be $146/bbl (€114/bbl) in 2010 dollars by 2035, the forecast says.
($1 = €0.78)
Paul Hodges studies key influences shaping the chemical industry in Chemicals and the Economy
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