An annual report on energy exploration shows that oil and gas revenues saw a 27 percent growth in 2011. Ernst & Young's Global oil and gas reserves study stated oil reserves grew by 1 percent worldwide and gas reserves increased by 4 percent through last year. Growth in gas reserves in the Asia-Pacific region, as well as investments in Canada's oil sands and the dramatic boost in shale reserves in the United States contributed to the overall growth.
In the Asia-Pacific region, much of the growth in 2011 was seen in Australia, which could become the world's biggest supplier of liquefied natural gas, Ernst & Young predicted. Investments in LNG projects are expected to continue through 2013, according to the report.
An annual energy outlook for 2013 released by the U.S. Energy Information Administration showed that gas production will also continue to increase next year. However, despite the rise of natural gas exploration, coal will remain the major source of power generation through 2040, the report stated. However, the share of total coal generation will decrease to 35 percent over the next few decades, compared to 42 percent today.