At that rate, demand levels for natural gas would surpass those of coal by 2030 and approach the demand level of oil by 2035. Under the IEA’s scenario, global natural gas demand from now until 2035 will grow 2 percent each year, compared to a growth of 1.2 percent in total energy demand during the same time period. Natural gas is experiencing the same type of increase in production in the U.S., with the International Energy Agency (IEA) predicting in June 2011 that the world was entering a golden era for natural gas, as well. Many of these wells may still hold up to 75 percent of their recoverable oil, some of which can be recovered using the new EOR techniques. Hydraulic fracturing and other advances in sophisticated systems for enhanced oil recovery (EOR)-such as chemical injection, gas injection or thermal recovery-have also made it economically viable for producers to return to sealed-off wells that were considered fully depleted or too expensive to produce further. production will be driven by the shale formations that could eventually yield more than 4 billion barrels of oil before they are played out. would produce more than traditional oil producers-Iran, Kuwait and the United Arab Emirates-in terms of daily production. 3 oil producer, at 7.5 million barrels per day (bpd), with the ability to add another 1.5 million bpd by 2015. In fact, the New York Post made that argument in July 2011, noting that the U.S. is on the verge of a new golden era in oil and gas exploration and production. This technology combined with innovative new drilling and enhanced recovery procedures, such as hydraulic fracturing, have led many to comment that the U.S. Significant advancements have occurred in the technology used to identify oil deposits below the Earth’s surface, most notably in the vast shale plays in North Dakota, Pennsylvania, Montana and Texas. Centrifugal pump technology plays critical role in many oil and gas applications.
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