EIA Predicts U.S. NatGas Production Up 3% in 2022, 2% in 2023
As part of its latest Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration predicts U.S. fossil fuel production to continue rising in both 2022 and 2023, surpassing production in 2019, to reach a new record high in 2023. So much for the “big transition” to so-called renewables! The biggest share of fossil fuel production is, you guessed it, natural gas. EIA says natgas production will increase 3% this year, and 2% next year.
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Rystad Energy, based in Norway, is an independent energy research and business intelligence company providing data, analytics, and consultancy services to clients exposed to the energy industry across the globe. Rystad is pretty tuned-in when it comes to what’s happening in the oil and gas industry. Earlier this week the company released an analysis that shows global oil and gas investments will expand by $26 billion this year as the industry continues its recovery from the worst of the pandemic. Rystad Energy projects overall oil and gas investments will rise 4% to $628 billion this year from $602 billion in 2021. The main factor behind the increase is a 14% increase in upstream gas (gas drilling) and LNG investments. That’s good news for the M-U.
Yesterday the American Petroleum Institute (API) issued its annual “State of American Energy” report (full copy below). We will say right up front we’ve had our differences of opinion with the API and its direction, particularly over the past year, but there is no disputing the API remains the premier organization representing the oil and gas industry in the U.S. (and beyond). The API is at the top of the O&G food chain. So it’s a big deal that during the annual virtual event to unveil the latest API report the organization featured a young completions engineer who works for Coterra Energy (formerly Cabot Oil & Gas) in Susquehanna County, PA.
The general consensus we keep reading is that most shale drillers are returning to “moderate” growth this year. But what does that mean? How much growth in production (and consequently in new spending) is moderate? Based on an article appearing in the Washington Examiner, we think we have the answer.
Five Chinese researchers recently published a study in Springer’s Environmental Science and Pollution Research International journal that claims to have identified environmental and health threats in unconventional oil and gas by analyzing old compliance reports from the Pennsylvania Dept. of Environmental Protection. The study claims to have found problems with erosion and sedimentation issues and with water pollution issues. Their conclusion is that PA fines aren’t high enough to change the bad behavior of shale drillers.
Hey men (and those who “identify” as men), when was the last time you checked your sperm count? Quick! Check it asap! A new study says a substantial drop in sperm counts and fertility rates over the past 50 years “could be” linked to pollution from the (gasp) burning of fossil fuels. That’s right. Burn those nasty fossil fuels and what do you get? Low sperm counts. So says…The Onion? Comedy Central? Jerry Seinfeld? Nope. So says a “study” published in the journal Nature.