North American natural gas markets hit hard by COVID-19, but expected to grow through 2040
Friday, January 22, 2021
Although North American gas production felt the majority of the pandemic’s impact on global output last year, demand fared better amid lower prices, according to Natural Gas Intelligence.
Rystad Energy, an independent research firm, estimates North American gas production fell 47 billion cubic meters year-over-year to 1,103 bcm in 2020. Simultaneously, global output dropped 3.6% year-over-year with total production around 3,918 bcm.
Although North American markets felt the brunt of exploration and production curtailments in 2020, the United States dominated growth in liquefaction capacity to help meet demand within the power sector. Additionally, the U.S. is expected to lead global liquefaction capacity additions through 2040.
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.