Oil and gas revenues up in 2011, but coal still dominant energy source


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.

Energy usage in the United States is explored at PennEnergy's research area.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs