A quarter of the world’s natural gas production will come from shale formations by 2035, BP said in its annual Energy Outlook. Shale gas production is expected to grow 5% per year between 2014 and 2035, more than doubling its share of global gas output during that time frame.
U.S. shale gas production is expected to grow 4% per year between 2014 and 2035, accounting for nearly 20% of global output. Shale gas will account for approximately 75% of U.S. gas production in 2035.
BP said that while North America has dominated the growth in shale gas supply over the past 10 years, shale gas production will expand in other regions as well. China, for instance, will produce 13 billion cubic feet per day of shale gas by 2035.
Meanwhile, U.S. tight oil production is projected to plateau at nearly 8 million barrels per day in the 2030s, accounting for 40% of total U.S. oil production. Growth in North American tight oil will begin to slow between 2015 and 2025, offset partially by increased production elsewhere.
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