US To Become Key Source Of Global Energy Supplies: U.S. Government Official

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US To Become Key Source Of Global Energy Supplies: U.S. Government Official

The United States will become a key source of energy supplies to meet growing demand globally as innovation in technology and financing are expected to boost U.S. oil and gas production in the next decade, the country’s top energy diplomat said.

“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 Bureau of Energy Resources in the U.S. Department of State.

“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.

Fatih Birol, executive director of the International Energy Agency (IEA), said on Tuesday at the same event that the United States would become the “undisputed leader” of global oil and gas production.

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.

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 U.S. currently only has two LNG export projects operational, although several are waiting for financial approval.

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