Natural gas production in OECD (Organisation for Economic Co-operation and Development) countries grew 2.4%.
The latest newsletter from New Zealand petroleum production operator TAG Oil Ltd (TSX: TAO; OTC: TAOMF) said that while OECD Americas continued to account for nearly three-quarters of all OECD production, and moderate growth was seen in all regions, OECD Asia Oceania experienced a 17.7% increase.
This was fuelled in part by Australia’s 20.5% production increase. .Australia’s Surat-Bowen Basin, where TAG Oil’s PL17 is located, was one of the main areas of production growth.
Natural gas deliveries in 2017 brought a 1.2% increase in OECD gross deliveries of natural gas.
Europe and Asia Oceania showed growth, while the Americas saw a decline. OECD Americas’ declines from Mexico and the US were countered by a noteworthy 11.1% growth in Canada.
Demand from power and heat generation for natural gas imports in both OECD Europe and Asia Oceania drove a growth of 5.1% in OECD natural gas imports.
Meanwhile natural gas exports in the OECD for 2017 grew 8.8%, continuing the trend of recent years. The largest increases were contributed by the Americas and Asia Oceania.
TAG said LNG exports from the US rose a “whooping” 278.8%, which helped America become a net exporter of natural gas for the first time. Australia has several new LNG projects that began in 2017, which contributed to a 27.4% growth of Australian LNG exports.