Has Z-man bought a suit and tie yet?
Always useful to provide some facts. Maybe one out of a thousand freepers actually read this.
The very latest data for Black Sea natural gas endowment is just about 200 billion cubic meters. For all this kind of stuff people see billion and it tells them the quantities are enormous.
They are not.
First of all that endowment is the entirety of that region, including the westernmost areas that have nothing to do with Ukraine or Russia. It’s Romania, it’s Bulgaria, and maybe most of all it’s Turkey. Spread your 200 billion cubic meters over that entire coastline.
Russia’s endowment of natural gas is largest in the world at about 34 trillion, with a T, cubic meters. In the world of natural gas, with people who want to get paid to drill whether they find anything or not, the preferences to talk about cubic feet which will amplify the number. The global standard is cubic meters. Russia has 34 trillion of those of natural gas and they have that vast expanse of geography in which for much of it they have not even searched.
The US endowment is about 12 trillion cubic meters. US production is about 1 trillion cubic meters per year. That’s production, not consumption, because some of it is sent elsewhere. But that largely doesn’t matter because the mathematics say, yes, 12 years.
Is there more going to be found? Yes of course. Will it be found at the same rate that it’s being produced? Not a chance. 12 years plus what’s found.
Russia’s production is way below this. They’re looking at about a century. We are looking at begging.
Now that you have the real numbers, in the context of trillions, go back to the first item of info. Yes, 200 billion cubic meters. The world burns that in a couple of weeks, but the declaration will be that this can produce for years and years and years. This is not something that should be thought of as positive. It just means it’s not coming out of the ground very fast.
The end.