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

SES Water working with partners to meet leakage reduction target

SES Water working with partners to meet leakage reduction target

The company is creating an intelligent water distribution network by working with Royal HaskoningDHV, Vodafone and Technolog to implement technology to cut leakage by 15% over the next five years and pave the way for more than halving it by 2045. SES’s vision is to create a self-learning

Heathrow delays third runway construction by three years.

Heathrow delays third runway construction by three years.

Heathrow has taken the decision to push back the completion of the third runway from 2026 to “early 2028 or late 2029”. It comes as the aviation watchdog published its determination on early construction costs and timings for the expansion programme. In its determination the CAA ruled

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.