Despite warnings that the shale gas boom would wither, industry is getting pumped in certain areas as their numbers are only headed higher. That’s according to government analysts, who are drawing special attention to the Marcellus Shale region in the eastern states where production is skyrocketing.
The region is beating its forecasts, which is made possible by the advancement in drilling technologies. In fact, the U.S. Energy Information Administration is saying in a new report that breaks down productivity levels according to region that the gains in new gas wells are more than offsetting the declines from the existing ones. The Marcellus Shale, it adds, accounts for three-fourths of growth in the nation’s production.
“The sky has not fallen down like some have said would happen,” says Michael Krancer, Pennsylvania’s former head of environmental protection, in a speech. “We need to have continued good performance. Bad actors will be bad for business … The difference is that we can now hydraulically fracture together with horizontal drilling. That’s what is unlocking all this availability of American energy … We are just at the tip of iceberg.”
He adds that the Marcellus Shale region is producing the equivalent of 2 million barrels of oil a day, which exceeds the oil production of many OPEC countries. The energy agency, meanwhile, says that 2,203 trillion cubic feet of shale gas here is technically recoverable — enough to last 92 years.
Read more: http://www.forbes.com/sites/kensilverstein/2013/10/30/shale-gas-boom-at-tip-of-iceberg/