North American Gas and Oil Production Continues to Accelerate, Says New ICF International Detailed Production Report
FAIRFAX, Va.--(BUSINESS WIRE)--ICF International (NASDAQ:ICFI), a leading provider of consulting services and technology solutions to government and commercial clients, has announced its first-quarter 2014 Detailed Production Report. The report, a new information product offered by ICF, provides a complete outlook for U.S. and Canada natural gas, natural gas liquids (NGL), and oil production through 2035.
The Detailed Production Report presents annual production projections for more than 50 basins throughout the U.S. and Canada, and includes total production for both the U.S. and Canada. The report’s production projections are linked to ICF’s Natural Gas-Strategic Outlook, which provides additional insight into the future of the North American natural gas market.
The report contains many findings that will be of interest to oil and gas producers, field services companies, and the investment community. Some projected trends from the current report:
- In the short run, reduced gas-directed drilling activity will continue to slow gas production growth from “dry” gas plays such as the Haynesville Shale, the Greater Green River Basin, the Barnett Shale, and the Fayetteville Shale. However, these plays are likely to rebound as market growth firms gas prices.
- Conversely, liquids-rich plays have fared much better in the relatively low gas price environment that persisted throughout much of 2013. Consequently, U.S. NGL production, which has increased by more than 600,000 barrels per day during the past five years, is expected to continue to grow and will likely double by the end of the projection.
- In today’s relatively high oil price environment, output from the unconventional oil plays, such as the Bakken, the Cline, the Niobrara, and the Eagle Ford, are likely to continue to grow.
- While high oil prices could promote growth of bitumen production in Western Canada’s oil sands, continued delays in construction of new crude transport capability present risks.
Comprehensive data included in the Detailed Production Report:
- Projected gas, oil, and NGL production by year and by region through 2035.
- Projected gas and oil well activity by year and region through 2035.
- Vintage production charts for each region, showing how production changes over time.
- Estimated ultimate recover statistics for oil, gas, and NGL wells by region.
- A complete database that includes more than 250,000 rows of data for all regions. This database enables the user to drill down through the information and process the data for custom reports.
About ICF International
ICF International (NASDAQ:ICFI) provides professional services and technology solutions that deliver beneficial impact in areas critical to the world’s future. ICF is fluent in the language of change, whether driven by markets, technology, or policy. Since 1969, we have combined a passion for our work with deep industry expertise to tackle our clients’ most important challenges. We partner with clients around the globe—advising, executing, innovating—to help them define and achieve success. Our more than 4,500 employees serve government and commercial clients from more than 60 offices worldwide. ICF's website is http://www.icfi.com.
Caution Concerning Forward-looking Statements
Statements that are not historical facts and involve known and unknown risks and uncertainties are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; and our ability to acquire and successfully integrate businesses. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements are included in the "Risk Factors" section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.