New Report Details Increases In Natural Gas Supply In U.S.

abarrelfullabarrelfull wrote on 28 Apr 2011 13:19
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The American Gas Association (AGA) held a press conference today with the Potential Gas Committee (PGC) to release the PGC’s year-end 2010 biennial report: Potential Supply of Natural Gas in the United States. The new assessment finds that the United States possesses an undiscovered natural gas resource potential of 1,898 trillion cubic feet (Tcf). This is the highest resource evaluation in the PGC’s 46 year history—exceeding by 61 TCF the previous record-high assessment from year-end 2008.

“This report confirms once again our great optimism regarding natural gas supply in America,” said Dave McCurdy, president and CEO of AGA. “Abundant, diverse supply has helped to stabilize natural gas prices and to ensure reliability for natural gas customers even if sudden shifts in demand occur—weather induced or otherwise. This is welcome news for consumers across the nation.”

Domestic natural gas reserves and estimates of undiscovered resources continue to grow due to the emergence and advancement of key technologies that are able to unlock gas production from sources such as shale formations.

When the PGC’s results are combined with the U.S. Department of Energy’s latest available determination of proved dry-gas reserves, 273 Tcf as of year-end 2009, the United States has a total available future supply of 2,170 Tcf, an increase of 89 Tcf over the previous evaluation.

The PGC’s year-end 2010 assessment of 1,898 Tcf includes 1,739 Tcf of gas attributable to “traditional” reservoirs (conventional, tight sands and carbonates, and shales) and 159 Tcf in coalbed reservoirs.

“The PGC’s year-end 2010 assessment reaffirms the committee’s conviction that abundant, recoverable natural gas resources exist within our borders, both onshore and offshore, and in all types of reservoirs—from conventional, ‘tight’ and shales, to coals,” said Dr. John B. Curtis, professor of Geology and Geological Engineering at the Colorado School of Mines and Director of the Potential Gas Agency there, which provides guidance and technical assistance to the Potential Gas Committee.

“Clean burning, domestic natural gas provides energy to 175 million Americans every day,” said McCurdy. “An expanding resource base underpins future increases in natural gas supply, which is good news for the millions of families, businesses and industries that rely on this foundation fuel. We appreciate and welcome the fact-based, time-tested objective work that the PGC and its members have put into developing this valuable report.”

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