Thursday June 23, 2005

North American gas has peaked : Exxon Mobil CEO

peakoil.com -> reuters.com :

After weak prices in the 1990s due to oversupply, natural gas production in North America will probably continue to decline unless there is another big discovery, Exxon Mobil Corp.'s chief executive said on Tuesday.

"Gas production has peaked in North America," Chief Executive Lee Raymond told reporters at the Reuters Energy Summit.

Asked whether production would continue to decline even if two huge arctic gas pipeline projects were built, Raymond said, "I think that's a fair statement, unless there's some huge find that nobody has any idea where it would be."

... while the number of U.S. rigs drilling for natural gas has climbed about 20 percent over the last year and prices are at record highs, producers have been struggling to raise output. Experts said easy onshore and shallow water basins have been mostly tapped or are off limits for environmental reasons, and new technologies like horizontal drilling have been draining wells in two or three years, a much faster rate than the five years or more during the 1990s.

(2005-06-23 22:32:09 SGT) [Energy] Permalink

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