Technically Recoverable Shale Oil and Shale Gas Resources: An Assessment of 137 Shale Formations in 41 Countries Outside the United States
http://www.eia.gov/analysis/studies/worldshalegas/
Posted on 06/10/2013 12:09:15 PM PDT by thackney
The majority of the world’s shale oil and gas resources are concentrated in only a handful of countries, and the United States is near the top in both categories, a new study shows.
The study released Monday, sponsored by the U.S. Energy Information Administration, found that more than half of the identified shale oil resources outside the United States are in Russia, China, Argentina, and Libya. It also found that more than half of the non-U.S. shale gas resources are in China, Argentina, Algeria, Canada, and Mexico.
The U.S. ranks second after Russia for shale oil resources and fourth after Algeria for shale gas resources, based on the more than three dozen countries reviewed, the study found.
Meanwhile, shale formations are accounting for an increasing amount of the world’s overall oil and gas supply.
The EIA study found that estimated shale oil and shale gas resources in the U.S. and in 137 shale formations in 41 other countries represent 10 percent of the world’s crude oil and 32 percent of the world’s natural gas technically recoverable resources.
The analysis estimates there are 345 billion barrels of technically recoverable world shale oil resources and 7,299 trillion cubic feet of technically recoverable world shale gas resources.
Technically Recoverable Shale Oil and Shale Gas Resources: An Assessment of 137 Shale Formations in 41 Countries Outside the United States
http://www.eia.gov/analysis/studies/worldshalegas/
Drill, Baby, Drill!
The more energy there is on world markets, the lower the price.
Bring it on!
With Russia’s massive territory, this doesn’t surprise me at all.
Plus russia has no anti-business EPA
Any way you cut it, this is very good news.
True. That costs them at times too though. Some parts of Russia are very ‘dirty’ if you catch my drift.
We make a pretense of cleaning things up. I don’t think we do the best job we could, but at least there is a token effort.
In Russia, I don’t think that’s the case.
No, it’s “Frack, Baby, Frack!”.....................
Time to strangle Saudi Arabia. We have enough for us. To hell with the rest of the world.
“345 billion barrels of technically recoverable”
Correct me if I'm wrong, but that's a moving target, even if no one discovers any more stuff under the ground or the sea.
A lot of what is “technically recoverable” today wasn't “technically recoverable” a few years ago, and a lot of what isn't “technically recoverable” today, I'm guessing, will be a few years hence.
I think I saw that the USGS had determined that there are now over 7 billion barrels of shale oil recoverable in the Bakken formation, where a few years back, it was about 4 billion. But I've seen estimates that there are perhaps several hundred billion barrels of shale oil down there, and I suspect that an increasingly larger percentage will become recoverable over the coming years.
If circumstances are similar in the rest of the world, that means that over time, we may easily recover many times the current estimate of 345 billion barrels.
Or am I missing something?
sitetest
The best way to stop Islamic terrorism is to bankrupt Saudi Arabia and the other Middle East OPEC countries. The most way to bankrupt these countries is to produce the shale oil.
Correct, I believe it includes economic consideration as well. Oil fields or percentages of them may be technically recoverable at $100 and not at $20.
over 7 billion barrels of shale oil recoverable in the Bakken formation, where a few years back, it was about 4 billion. But I've seen estimates that there are perhaps several hundred billion barrels of shale oil down there
Yes, oil in place is a far larger number than technically recoverable today.
More info at:
http://www.eia.gov/forecasts/aeo/IF_all.cfm#uscrude
See "Resource assumptions"
Geology and technology drive estimates of technically recoverable resources
http://www.eia.gov/todayinenergy/detail.cfm?id=7190
Also discussed is estimated ultimate recovery (EUR)
Those are still used but have a much tighter criteria. Typically proved reserves are used to describe financial strength for investment. These other terms are more for planning in broad scope and comparisons between countries.
Definitions, Sources and Explanatory Notes
Proved Reserves of Crude Oil
http://www.eia.gov/dnav/pet/TblDefs/pet_crd_nprod_tbldef2.asp
In simple terms, each proved reserve has been drilled and flow tested for each specific area of the field.
In the coal biz, it was ‘drilled and cored.”
We may, maybe not "easily". And we may not.
Go back to a experienced driller in 1985 and talk about horizontal steerable drilling with multiple multi-mile long laterals and 3 dozen stages of hydraulic of hydraulic fracturing in a single well. He would likely laugh you off as a lunatic.
By “easily,” I don't mean methodologically, but in terms of by how much. Someone who has $10 million in assets is not “easily” wealthier than the fellow with $9 million. But Bill Gates is very easily wealthier than both of them combined. That was my meaning.
sitetest
Understood.
Cheers!
Thackney,
I was right last week, the Balkans do have shale oil, not just the Bakkens. :)
Good, then they’ll have no excuse for invading countries like Georgia.
LOL!
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