EIA: U.S. to Become Natural Gas Exporter
Wednesday, January 25, 2012
The U.S. Energy Information Administration (EIA) projects that domestic production of natural gas will exceed consumption early in the next decade as more shale and conventional reserves are developed.
In the EIA’s 2012 Energy Outlook, the U.S. will become a net exporter of liquefied natural gas (LNG) in 2016, a net pipeline exporter in 2025 and an overall net exporter of gas in 2021.
“The outlook reflects increased use of LNG in markets outside of North America, strong domestic natural gas production, reduced pipeline imports and increased pipeline exports, and relatively low natural gas prices in the U.S. compared to other global markets,” the agency said.
The use of natural gas and renewable fuels for electric power generation will continue to grow, according to the EIA. The natural gas share of electric power generation will increase from 24% in 2010 to 27% in 2035, with renewables jumping from 10% to 16% over the same period. Over the next 25 years, coal’s share will fall to 39%, well below the 49% seen in 2007.
The agency said domestic crude oil production will grow more than 20% over the coming decade. “Over the next 10 years, continued development of tight oil combined with the development of offshore Gulf of Mexico resources are projected to push domestic crude oil production to 6.7 million barrels per day in 2020, a level not seen since 1994,” it said.
For more information: www.eia.gov