Lack of Medium-Term Lease Program Makes Planning Difficult

On the heels of some inflated oil prices, hopes are high along oil and gas project cargo pipelines for a resurgence in exploration and production. But all that glitters is not black gold.

It comes as no surprise that oil and natural gas are America’s leading fuels today, and the US Energy Information Administration reports that oil and gas will continue to be the front runners in 2050, according to its Annual Energy Outlook, or AEO, released in March 2023.

The AEO said that the U.S. will also remain a net exporter of petroleum products and of natural gas through 2050, under all case scenarios. However, that doesn’t mean there will be a rush of new exploration and production. The Energy Information Agency expects U.S. production of crude oil to grow a little over 4 percent in 2023 and expects natural gas production to stay flat.

Port Houston, the largest breakbulk and project cargo complex in the U.S., keeps close tabs on the oil and gas industry. Spokesperson Lisa AshleyDaniels said to Breakbulk: “Although domestic demand is expected to stay flat, international demand for U.S. crude product is rising. It is expected that production will increase while exploration blows off some steam following 2022 activity.”

Read the full article here: Breakbulk – US Oil & Gas Project Recovery Not a Sure Thing

By Breakbulk