HOUSTON — Shale gas exploitation in the United States is forecast to add more than $217 billion worth of investment to new downstream facilities, according to new research.
Analyst firm IHS Chemical said "an abundant supply" of low-cost North American shale gas resources was revitalizing the U.S. petrochemical industry, leading to previously mothballed plants being reopened and the production of more methanol, ethylene and ammonia.
IHS estimated that an increase in crude oil capacity of more than 52 million barrels per day will take place during the next six years.
Jeffrey Plotkin, vice president of training and education at IHS Chemical, said: "The cost-advantaged feed stocks from shale and tight oil plays are changing the global competitive landscape and creating new jobs in the US and abroad for a new generation of workers."