Texas sets record in natural gas production (thanks Europe…)
According to the latest report from the Texas Independent Producers and Royalty Owners Association (TIPRO), Texas produced 11.2 trillion cubic feet of natural gas in 2022, with growth expected to be even greater. TIPRO also noted that Texas supplied the country with 1.83 billion barrels of oil last year.
In his State of Energy Report, TIPRO President Jud Walker noted that “although it has faced a unique set of challenges, including supply chain bottlenecks, inflationary pressures, workforce shortages and an adverse federal policy, the US oil and gas industry continued to offer significant economic support in 2022.
“Oil and natural gas development, led by Texas operators, will play an important role in meeting growing global energy demand for decades to come, under any realistic scenario,” Walker added.
According to the report, the Texas oil and gas sector leads the country in industry employment rankings in 2022, accounting for 37 percent of industry jobs nationwide and indirectly employing 2.6 million people.
Texas oil and gas direct earnings will reach $48 billion in 2022, compared to $11 billion in California and $7.6 billion in Louisiana, which ranks second and third, respectively.
In terms of oil production, Texas reached 1.83 billion barrels in 2022, compared with New Mexico, in second place, with 534 million barrels, and North Dakota, with 393 million barrels.
In the field of natural gas, where Texas has broken a new record, the second largest producer for 2022 is Pennsylvania, which produced 7.6 Tcf.
The Lone Star State also boasted the highest number of rigs in the United States last year, with an average of 380 active rigs. From January 2022 to December 2022, Texas saw active rigs increase from 332 to 410.
Gross Regional Product (GDP) for the Texas oil and gas industry was $322 billion for 2022, a figure that represents 16 percent of the state's economy. TIPRO, however, points out that the actual contribution to the state's economy is much higher, stating that “once the typical Gross Regional Product multiplier is incorporated, the Texas oil and natural gas industry sustained 40 % of the Texan economy”.
All of which earned the state of Texas $24.7 billion in taxes and royalties paid by the oil and gas industry last year. An enormous wealth that partly also comes from Europe.
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The article Texas records the record in the production of natural gas (thanks Europe…) comes from Scenari Economici .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/il-texas-segna-il-record-nella-produzione-di-gas-naturale-grazie-europa/ on Tue, 31 Jan 2023 08:00:43 +0000.