Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Energy

US is world’s largest oil & gas producer in 2014

/AFP

/AFP

The United States expanded its lead as the world’s largest producer of oil and natural gas last year as output from fracking fields surged, the US Department of Energy reported Tuesday.

While hydrocarbon production in Russia and Saudi Arabia remained relatively flat, US output, by the British thermal unit (Btu) measure of energy content, gained about 10 percent to nearly 55 quadrillion Btu last year.

That increase represented a 1.6 million barrel a day rise in crude production and a 13.9 billion cubic feet a day rise in natural gas production. US output now stands at about double that of Saudi Arabia.

US production is evenly split between crude oil and natural gas, according to the EIA. In Russia output is also balanced between oil and gas, while Saudi Arabia mainly produces crude oil.

The US production gains came despite a 50 percent fall in oil prices during the second half of the year, the EIA noted.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...