Tuesday, 29 March 2016

US SHALE GAS OUTPUT HITS NEW RECORD

 UPI, 23 March 2016

Daniel J. Graeber
 
U.S. natural gas production is on the rise, with some reserve areas in the country’s Northeast getting more output from fewer wells, an industry report found.

“The natural gas production record achieved in February is largely attributed to the Northeast, which also is still helping offset the declines seen in other major U.S. basins,” Sami Yahya, a Platts Bentek energy analyst, said in an emailed statement.

Platts Bentek, a forecasting unity for energy reporting service Platts, reported February natural gas production in the Lower 48 U.S. states was 73.3 billion cubic feet per day, up nearly 2 percent from January.

According to its estimates, the February gas output level is the highest since it started keeping records in 2005.

The increase in production comes as most energy companies are scaling back on investments in the upstream sector in response to lower crude oil prices. Rig counts, which serve as a barometer for the health of the industry, have been in steady decline.

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