Tuesday, December 3, 2019

IFO PA Natural Gas Production 3rd Quarter Report: 9.1% Increase This Quarter Over Last Year, Projected 11.2% Increase In 2019

On December 3, the Independent Fiscal Office issued its third quarter Pennsylvania natural gas production report which shows a 9.1 percent increase from the third quarter of last year to 1,714.7 billion cubic feet, the lowest such growth rate in 2 years.  Calendar year production is up 12.7 percent compared to the same period in 2018.
For 2019, production volume is projected to increase by 11.2 percent (6,800 bcf) while the number of producing wells expands by 6.4 percent (9,300 wells). 
From 2012 to 2018, production volume increased at an average rate of 17.1 percent per annum while the number of producing wells increased by 16.1 percent per annum.
The average production per well is projected to increase by 12.5 percent in 2019, decelerating from the growth rate of the prior year-- 30.7 percent.
The dramatic increase in 2018 was attributable to increased production from active wells due to new pipeline capacity and higher natural gas prices. 
The deceleration in 2019 is likely the result of lower natural gas prices and the diminishing gain from last year’s increased pipeline capacity.
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[Posted: December 3, 2019] www.PaEnvironmentDigest.com

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