Equation aids early estimation of gas field production potential

02/09/2009
Natural gas is the world’s fastest growing fossil energy source, contributing 287 bcfd or roughly 50 million b/d of oil equivalent oil. Natural gas liquids and condensate contribute another 10.5 million b/d of liquids to the oil supply stream.Global supply-demand of natural gas has grown a sizzling 30% in the last 10 years, and according to the latest IEA outlook is expected to further increase 50% to 425 bcfd by 2030. Over the last decade, new discoveries of natural gas have averaged 103 tcf/year; in contrast, production-depletion of existing reserves averaged 79 tcf/year.Since 2000, 521 gas and gas-condensate fields have been discovered worldwide with reserves totaling 897 tcf. C...
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