BAKU, Azerbaijan, March 19. In 2024, the global gas production is poised to witness a substantial increase, reaching an estimated 4196 billion cubic meters (bcm), marking a notable uptick of 115 bcm, Trend reports via the Gas Exporting Countries Forum (GECF).
This surge is primarily attributed to the burgeoning Russian gas production propelled by the initiation of new projects. Additionally, the relentless growth in US gas production, particularly stemming from associated gas extraction in shale oil reserves, is expected to be a key driver of global expansion.
February 2024 bore witness to a month-on-month escalation, with the global count of gas drilling rigs climbing by 5 units, reaching a total of 397 rigs. This consecutive monthly upswing in gas drilling rigs follows a significant 20-rig surge observed in January 2024, signaling a heightened emphasis on upstream operations. Nonetheless, this figure marks a decrease from the 417 rigs recorded in February 2023.
The month-on-month growth in drilling rigs was propelled by increased activity in Canada and the US, while Europe, Africa, and Latin America saw marginal declines of 3, 2, and 1 rigs, respectively.
In January 2024, the total volume of discovered gas and liquids amounted to 134 million barrels of oil equivalent (boe). A substantial majority, accounting for 84 percent (112 million boe), was constituted by liquid oil, with natural gas contributing 16 percent (4 bcm) to the total volume. This signifies a tepid start to the exploration activity in 2024, contrasting sharply with the 380 million boe discovered in January 2023.
Offshore discoveries dominated the exploration landscape, with approximately 90% of the total discoveries made offshore, notably led by the Mopane oil discovery off the coast of Namibia. Africa emerged as the frontrunner in new discovered volumes, capturing 79 percent of the share, predominantly driven by Namibia's prolific offshore activities. Meanwhile, the Asia Pacific region accounted for the remaining 21 percent of discoveries, with no significant findings reported in Latin America and the Caribbean (LAC), the Middle East, and North America.
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