Major Gas Producers Invest to Boost Output as Global Demand Rises
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The US is projected to increase natural gas production and exports in 2023-2024, with the Permian Basin being a major contributor. Exxon's acquisition of Pioneer consolidates holdings in the basin.
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Kazakhstan is expanding gas production with new bid rounds and projects to increase rural access. Proven reserves are substantial at 4.4 billion tons.
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Australia is actively managing gas resources, with conventional reserves up 15.6% in 2021. Investments in projects like Barossa, Scarborough, and Wheatstone aim to boost output.
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Canada's natural gas production reached a 20-year high in late 2022. Planned investment of $28.5 billion in 2023 to increase capacity, with output expected to rise sharply by 2050.
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Norway is expected to maintain high gas production levels through 2026 following offshore investments. Equinor and Aker BP received approvals for 12 new projects to boost reserves.