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February 10, 2025
Incorrys undertook a comprehensive, well-by-well and basin-by-basin analysis of raw natural gas production, which helped form the basis of our outlook for US dry gas production to 2040. This analysis indicates the US has almost 1100 trillion cubic feet (Tcf) of natural gas resources with full cycle costs less than USD$4/Mcf. Due to this ample endowment, there are no constraints on supply, meaning that natural gas production to 2040 will respond to meet growing US demand.
Natural gas supply required to satisfy demand is allocated to production basins based on Incorrys’ proprietary models. The models consider full cycle costs, historical production data, rig count, geological data, and other relevant factors related to a particular basin. Marketable and dry gas production is calculated based on raw gas production and natural gas liquids (NGL) extraction data from EIA and Incorrys’ analysis. The model also includes the re-fracking or recompletion of existing wells.
US dry natural gas production grew from about 59 billion cubic feet per day (Bcf/d) in 2010 to almost 92 Bcf/d in 2023, a healthy 3.5% annual growth rate. In 2023, US dry natural gas production growth and development was focused primarily in Appalachia (Marcellus and Utica) accounting for 34% of total North American production, and Haynesville at 19% of the total. Associated gas production from major tight oil basins was 26 Bcf/d or 28% of total supply, primarily from the Permian Basin where oil focused drilling continues to expand.