Black & Veatch’s Strategic Directions in the U.S. Natural Gas Industry Report shows optimism across the industry for future growth is as plentiful as domestic shale gas reserves. The report is based on a comprehensive survey of natural gas industry leaders and includes analysis from Black & Veatch industry experts.
When asked about their view of the industry’s future growth, 92 percent of respondents stated they were either “optimistic” or “very optimistic”.
“We are witnessing a rapid change in the industry,” said Greg Hopper, Managing Director of Black & Veatch’s Natural Gas and Power Generation Fuels Advisory Services . “In just a few years, we have gone from concerns about a maturing resource base and gas conservation to increasing production and new markets. What’s driving this change is the widespread belief that abundant gas resources can provide current customers with price stability, while the gas industry realizes substantial growth across a wide range of North American industries.”
Rapid change brings challenges that must be met in order for the industry to realize its growth potential. Key report findings show that:
“The overarching theme from our suite of industry reports is the need to invest significantly in our nation’s critical infrastructure,” said John Chevrette, President of Black & Veatch’s Management Consulting Division. “For natural gas, the most notable need is for the construction of new pipelines to transport new supplies to new markets. Regions that are heavily dependent on coal-fueled power generation today will be migrating more to natural gas-fueled generation in the future. This will require both industries to work closely together to identify pipeline needs, gain regulatory approval and fund new transportation infrastructure.”
[mappress] LNG World News Staff, November 14, 2012; Image: Black & Veatch