Natural Gas News – December 10, 2018

Natural Gas News – December 10, 2018

China Increases Natural Gas Imports to Avoid Winter Shortage

World Oil reported: China has gone all out to avoid a repeat of last winter’s crippling natural gas shortages. The early verdict: so far, so good. China’s gas needs peak for its so-called winter heating season. It’s a time of surging demand and firmer prices as the nation seeks to curb its reliance on dirty coal. The difference so far this year — none of the widespread shortages that froze northern cities as early as November, and forced the government to allow some parts to revert to coal. Milder weather is surely helping. But so has better preparation, smarter policy and improved infrastructure. Demonstrating reliable supply of the cleaner -burning fuel would be a victory for Beijing, which is trying to quell complaints about urban air pollution without the embarrassing criticisms of last winter’s effort. For more on this story visit worldoil.com or click https://bit.ly/2PuwhwV

Oil, Natural Gas Reserves at Record Highs

Thomas Net reported: A recent report from the Energy Information Administration indicates that a combination of higher prices, shale development, and tight resources drove U.S. crude oil and natural gas reserves to new records in 2017. Proved reserves of U.S. crude oil increased 19.5%, reaching 39.2 billion barrels. The previous peak level was 39 billion barrels, in 1970. Proved reserves of natural gas increased 36.1% to reach 464.3 trillion cubic feet (Tcf). The previous high was reached in 2014, with 388.8 Tcf. “Proved reserves” refers the volumes that geological and engineering data demonstrate to be recoverable years down the line from known reservoirs under current operating and economic conditions. Changes in proved reserves from year to year reflect new discoveries or adjustments to previous reserve estimates, along with reductions from annual production. For more on this story visit news.thomasnet.com or click https://bit.ly/2ru4xig