LNG drives US energy dominance, secretary Perry said
LNG is going to continue to be the major driver of United States energy dominance, US energy secretary Rick Perry, said during the press conference at the National Press Club.
Also speaking at the conference, Fatih Birol, the executive director of the International Energy Agency, noted the United States stand in a twin energy revolution, with the country’s shale oil and gas boom as well as rising supplies of liquefied natural gas (LNG).
The United States, the world’s largest natural gas consumer and producer, will account for 40 percent of the world’s additional gas production in the next five years, according to the latest forecast in Gas 2017.
Perry stressed the United States LNG exports are also an option for the country’s European allies to improve energy security.
In terms of capital investment, Birol noted that US shale producers remain the engine of upstream investment, with spending expected to jump by 53 percent during this year.
Since 2010, almost $1 trillion in capital investment has been committed to oil and gas upstream activities in the United States, with an additional $200 billion dedicated to pipelines and other midstream assets, Birol said.