Crude resources could rise on back of shale oil estimates

Crude resources could rise on back of shale oil estimates

The total reserves of shale oil around the world could be high enough to trigger a rise in crude stocks on the planet, with one organisation suggesting the amount of crude is set to increase by 11 per cent. According to the Energy Information Administration, a US government department, there are some 345 billion barrels of shale oil that is described as "technically recoverable" in 41 nations on the planet. In addition to its upward effect on the crude resources, the presence of 7,299 trillion cubic feet of shale gas may drive a 47 per cent boost in natural gas resources. While it should be noted that "technically recoverable" reserves are not always guaranteed to be reached and added to supply, it is positive that such an amount of the material exists. Jan Stuart, head of energy research at Credit Suisse in New York, said: "The reserves are one thing, but the ability to scale up the production for those reserves is another thing, which is not as straightforward in many parts of the world as it has proved to be in the US." One of the most problematic areas is Poland, which is said to be home to ample potential supplies of shale oil. However, several companies have abandoned drilling projects in the country after realising extraction there is difficult. Reserves of shale oil and gas are likely to have a tremendous impact on markets around the world. One consequence could be an increase in oil and energy jobs in various countries, where the larger stocks can be accessed. It is Russia that currently tops the list of those countries with the greatest oil reserves, with the nation boasting 75 billion barrels. This put it ahead of the US, China and Argentina. Reuters noted that Algeria is a particularly fast-moving oil market, with its stocks said to have more than tripled since estimates were carried out in 2011, making it one of the world's most significant contributors.

Please rate

Comments 

Name
Email
  Ctrl + Enter

Most Read

Atkins appointed as designer for Havant reservoir

Atkins appointed as designer for Havant reservoir

The £100 million reservoir is being developed in collaboration with Southern Water and will make use of Portsmouth’s resilient spring supplies in the otherwise seriously water-stressed region to create a strategic new water resource. It will also enable transfers from the

The Current State of Mental Health in the Resources & Engineering Industries

The Current State of Mental Health in the Resources & Engineering Industries

With World Mental Health Day fast approaching, on 10 October 2019, I wanted to take this opportunity to talk about a topic close to my heart and an issue I dwell on often, the prevalence of depression in the oil, gas and engineering industries. It is close to my heart as I missed the opportunity to

Yorkshire Water awards £1bn AMP7 MEICA Frameworks

Yorkshire Water awards £1bn AMP7 MEICA Frameworks

Following a 12 month procurement process, 11 partners have been appointed with the MEICA framework, complementing the Civils frameworks announced recently. Together they complete the procurement process for the water company’s AMP7 non-infrastructure works. The 5 year frameworks,

This website uses cookies to enhance your user experience. By continuing to use this site, you consent to our use of these cookies. See our Cookie Policy.