“In the next 5-10 years, we expect to see improved recovery rates and even a doubling in some of our most prolific (gas) basins,” said Frank Fannon, assistant secretary in the energy bureau of the US state department.
“What this means in the near-term is that the United States may double production, double export capacity and introduce new market innovation,” he said at an industry conference in Singapore.
In oil, the United States crude production overtook that of top exporter Saudi Arabia earlier this year, recently hitting a record 11 million barrels per day (bpd), putting the United States within reach of top producer Russia .
Largely thanks to the US increase, crude output from the world’s top 3 producers reached 33 million bpd for the first time in September, Refinitiv Eikon data showed.
That’s an increase of 10 million bpd since the start of the decade and means that these three producers alone now meet a third of global crude demand.
In gas, the IEA’s Birol said the United States, together with Australia and Qatar would supply 60 percent of global liquefied natural gas (LNG) by 2023.
The US currently only has two LNG export projects operational, although several are waiting for financial approval.
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