Marcellus Shale gas production jumps 45% by 2022: IEA

US on course to become world's largest exporter of natural gas: IEA

US on course to become world's largest exporter of natural gas: IEA

"The United States, the world's largest gas producer, will increase production more than any other country over the next five years, accounting for nearly 40% of global output growth", IEA said.

Over the forecast period, USA gas output is expected to grow by 2.9% annually, adding roughly 140 billion cubic meters (Bcm) to global production.

The U.S. will challenge Australia and Qatar as the world's largest natural gas exporter within five years, according to the IEA's latest market analysis and five-year forecast on natural gas.

Much of that additional output will come from the Marcellus Shale play in Pennsylvania, which is set to see gas production increase by a staggering 45%.

In a bid to increase export demand, three major LNG terminals under construction on the Texan coast will double the number of US ports now in use.

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"The US shale revolution shows no sign of running out of steam and its effects are now amplified by a second revolution of rising LNG supplies", Dr. Fatih Birol, the IEA's executive director, said in a press statement Thursday. Dry natural gas output is expected to further increase by an average of 3.1 Bcf/d in 2018.

Since Cheniere sent America's first LNG cargo overseas in early 2016, USA gas exports have reached buyers in Latin America, Europe, Asia, and even the Middle East.

The agency adds that increased liquefaction capacity has created a glut, dragging global prices down to attract new participants of the market like Pakistan, Thailand, and Jordan.

Other importing countries have seen the new supplies result in rigid contracts becoming more relaxed, a change that "will be accelerated by the expansion of United States exports, which are not tied to any particular destination", the IEA said.

Global gas demand was expected to rise by 1.6 percent a year to 4,000 bcm in 2022, slightly higher than last year's forecast of 1.5 percent, the IEA said.

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