Wednesday, July 20, 2011

Pa Marcellus Production Numbers Are Humongous! No Ponzi Scheme

The United States Senate held a hearing yesterday to review the charges made by the disgraced NYT gas reporter that shale gas is a ponzi scheme but meanwhile in the real world Pennsylvania Marcellus gas production will reach in 2011 3.5 billion cubic feet per day or approximately 6 per cent of total US gas supply. At least that is the conclusion of 3 researchers at Penn State University in a report with other eye-popping production numbers that was commissioned by the Marcellus Shale Coalition. The report is entitled, "The Pennsylvania Marcellus Natural Gas Industry: Status, Economic Impact, and Future Potential."

Pennsylvania is on course to produce 1.2 trillion cubic feet this year and clearly will reach annual gas production of 2 trillion cubic feet before 2014, the year that I thought the 2 trillion cubic feet milestone would be achieved. These are real and humongous production numbers.

The Study released today has more speculative but plausible projections about the next decade, predicting that regional Marcellus production could reach 17 billion cubic feet per day, 6 trillion cubic feet per year, or 25 per cent of US gas production by 2020. Doctors Considine, Watson, and Blumsack wrote the study. Go to the Marcellus Shale Coalition website for the link to the report.

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