BP's Ruehl: Operators shifting from shale gas to tight oil

Natural gas prices in the US are likely to increase 30-40% over the next 2 years according to BP PLC's Chief Economist Christof Ruehl. In an interview with OGJ, Ruehl explained that the low-price environment in the US is being reinforced by the expanding oil-gas price differential. Ruehl said this phenomenon has led to many operators moving away from dry shale gas production to producing tight oil. This move, however, has not reduced gas production overall since there is significant gas associated with tight oil production. But Ruehl said with the US expected to become an exporter of gas by 2015-16, he forecasts gas demand to increase and, with it, gas prices. Ruehl said he expects to see...

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