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LNG and shale changing the energy landscape

LNG and shale changing the energy landscape

After reviewing BP's (BP.) recently published Energy Outlook 2030, it's hard not to conclude that the group - along with much of the oil and gas complex - must have been completely blindsided by the development of the US shale oil and gas industry. It certainly receives scant attention within the group's Annual Statistical Reviews from the previous decade, but perhaps that's unsurprising when you consider the rate of growth. Shale oil production in the US has increased 10-fold since 2007, when Uncle Sam was producing a paltry 150,000 barrels a day. For 2013, daily output of 1.85m barrels is expected and, according to the independent Paris-based International Energy Agency, daily shale oil production should be approaching an average of 3.5m barrels by the end of 2017, which along with its conventional oil sources would put the US on a par with the Saudis.

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