Global Markets: That’s the mantra offered to those attending Hart Energy’s Midstream Texas conference last week at the Horseshoe.
“We’re going to have to export significant amounts of incremental production. Not just from Texas but from elsewhere in the U.S”. This is what Greg Haas, director, integrated oil and gas at Stratas Advisors, told his audience. Want to know more about the global markets?
The nation is already a net exporter of hydrocarbons. This is from the lightest gas to the lightest crudes. This is a major source of refined products to the rest of the world, he said.
“The U.S. must remain a net exporter,” he said, estimating at least 50 percent of U.S. field production, from crude to natural gas liquids to refined products must be destined for export.
Since the ban on exporting domestically produced crude was lifted in December 2015, exports have soared to about 3 million barrels a day and are expected to reach 4 million to 6 million barrels a day by 2030.
The Gulf Coast has enough capacity, but not the right kind of capacity, Haas said, including facilities that would allow Very Large Crude Carriers — which can carry up to 2 million barrels — to be fully loaded.
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