Surpass

Natural gas production in the Gulf of Mexico (GOM), which is likely to hit 8.3 Bcf/d this year, could surpass 9 Bcf/d in 2011 and remain above that level throughout much of the decade if activity in the deepwater continues at a strong pace, the Minerals Management Service (MMS) said in a report released Tuesday.

Imports of liquefied natural gas (LNG) into the United States for March were on track to surpass the previous monthly record set more than two years ago, according to a report from Pan EurAsian Enterprises last week.

With more technological advances to unlock emerging natural gas plays in the U.S. onshore, gas reserve additions continued to surpass oil reserve growth last year, with the top 50 U.S. producers increasing total gas reserves by 11.8% to 127.8 Tcf, according to a survey by energy analyst John S. Herold.

Long-term forecasts by the Energy Information Administration (EIA) understate the true potential of liquefied natural gas (LNG) supply that could be available to the domestic marketplace through 2010, but the manufacturing and industrial sectors need to actively support the growth of the domestic LNG industry, according to a new report by Arlington, VA-based Manufacturers Alliance/MAPI.

Marathon Oil Corp.’s first quarter profit fell 16% from a year ago after property sales cut into oil and gas production, but the company still surpassed analysts’ forecasts by two cents.

Following through on a promise made last spring to stabilize operations and improve earnings, TXU Corp. CEO Erle Nye on Monday said the company will deliver 10% higher earnings than previously forecast, and expects to report $1 a share for the third quarter, compared with a previous guidance of 90 cents.

The role of liquefied natural gas (LNG) will play an ever bigger role for the United States, with imports surpassing more than 8% of total domestic supply by 2010, according to industry experts speaking Tuesday at GasMart/Power 2003 in New Orleans.

The role of liquefied natural gas (LNG) will play an ever bigger role for the United States, with imports surpassing more than 8% of total domestic supply by 2010, according to industry experts speaking Tuesday at GasMart/Power 2003 in New Orleans.

Deepwater field development worldwide is forecast to continue its strong growth through 2007, and in 2003, the most — $5.29 billion — will be spent in the U.S. Gulf of Mexico, according to global analysts Douglas-Westwood Ltd. Worldwide, development in the next five years likely will double, provided there are enough trained workers and enough profit for contractors.