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Helium Production Declining at the US BLM Facility at ~20% y/y

The US BLM's Cliffside facility is a major helium source, not only for the US but also globally. However, production at this facility is on a declining trajectory and is anticipated to be exhausted by around 2030. Steep reservoir pressure decline has been moderated due to the field shutdowns in 2020-2022 but continued to decline in 2023. Current production is ~1.8mmcf/d of helium and we estimate that total 2023 helium production was 650mmcf (+48% y/y). This declining trend can be observed since 2022, and if we examine production from Jun'23 onward, a consistent decline of ~20% y/y is evident. This trend is also reflected in the helium concentration in the pipeline, which has decreased from 75% to 71% by the end of Dec'23. We anticipate that this decline will persist with the same trend until the reservoir is depleted, or in an unlikely scenario, if re-injection occurs.

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