New Study: The World Is Swimming In Unconventional Oil
Shale oilfields in countries such as Argentina, Russia and Algeria hold larger reserves than the regions at the heart of the US energy boom, and have the potential to make a significant contribution to global crude supplies in the next decade, according to new research.
Analysis by IHS published on Tuesday morning suggests fields including the Vaca Muerta of Argentine, the Bazhenov shale of Siberia and the Silurian shales of north Africa could produce more than the Bakken shale of North Dakota and the Eagle Ford of Texas.
However, the research group’s findings also show that costs for extracting “tight oil” reserves, held in shales and other challenging rocks, are significantly higher in other countries than in North America, suggesting they will need a higher oil price to be commercially viable.
The 23 most promising tight oilfields outside the US and Canada could hold 175bn barrels of extractable oil, IHS estimates, compared with about 40bn barrels in similar fields in North America.