U.S. gas production is set to rise almost 4 percent per year through 2020, according to the latest figures from the Energy Information Administration. The outlook is likely to drive demand for breakbulk services as operators assess opportunities for new exploration.
“EIA’s projections show how advances in technology are driving oil and natural gas production, renewables penetration, and demand-side efficiencies and reshaping the energy future,” said Adam Sieminski, administrator at EIA.
The findings are published in the EIA’s Annual Energy Outlook 2017. In the EIA’s Reference case, total energy production increases by more than 20 percent from 2016 through 2040.
This is led by increases in renewables, natural gas, and crude oil production with natural gas production accounting for nearly 40 percent of U.S. energy production by 2040 in the reference case. After 2020, the EIA reference case suggests gas production growth will flatten to one percent per year on average.
“The variation across the analysis cases of projected net energy export levels – as well as other findings in AEO2017 – demonstrates the importance of considering the full set of AEO cases,” Sieminski added.
Photo: U.S. energy production, reference case. Credit: EIA