U.S. to drive global O&G production

The global oil and gas industry reached a net production increase of 164B cubic meters (bcm) over the past year. It represents the highest production growth since 2010, according to Rystad Energy, an independent energy research and consulting firm HQ’d in Norway. “Year-on-year growth was clearly driven by North America, which accounted for 71 bcm …Europe was the only region that experienced a reduction in 2018,” Rystad Energy partner Espen Erlingsen told Marine Link. Rystad anticipates the supply surge will continue over the coming years. The anticipated average annual growth between 2018-21 is 115 bcm. The number would outpace the average annual growth from 2011-17 by 90 percent. “Going forward, global growth will be driven primarily by North American gas, which is going through an LNG development phase,” he said. Rystad estimates U.S. gas production will reach nearly 1,000 bcm annually (94 bcd) by 2025. (Source: Marine Link 01/20/19)