CHINA & AUSTRALIA ARE MAJORS
According to GlobalData, China and Australia are emerging as major upcoming markets for shale developments.
The development of unconventional oil and gas resources is gaining momentum across the world, with China and Australia becoming two of the most important emerging markets for shale and coal bed methane (CBM) exploration.
According to the GlobalData's latest report1, China has approximately 643 billion bbls of risked, prospective shale oil and 4746 trillion ft3 of risked shale gas in-place, of which around 32 billion bbls and 1115 trillion ft3 are estimated to be technically recoverable.
Joseph Gatdula, GlobalData's Senior Upstream Analyst, commented: "China is aiming to develop its shale oil and gas and CBM resources rapidly, in order to meet increasing demand for these products. However, a fast commercialisation of China's shale resources could be difficult, because of the country's shale geology, its nascent horizontal drilling and fracturing services industry, and water scarcity."
Australia is also witnessing a substantial development of CBM and shale gas resources. The country already has a well-developed CBM industry, which would support a number of planned LNG export projects.
Gatdula continued: "The Cooper Basin has emerged as particularly well-suited for shale development, due to the presence of substantial gas processing capacity, gas-pipeline infrastructure and service providers for fracking and well drilling activities in the nearby area."
Other countries, such as Argentina, Poland, Canada and Venezuela, have also been increasing investment in their shale gas resources. Poland possesses an estimated 1.8 billion bbls of shale oil and 146 trillion ft3 of shale gas resources, while Argentina's estimated technically recoverable shale resources amount to 27 billion bbls oil and 802 trillion ft3 of gas, according to GlobalData.
"Argentina has a suitable geology for the extraction of shale oil and gas, especially in the Neuquén Basin. Some of the major international companies that have announced plans to invest in shale projects in Argentina include Dow, Chevron, Royal Dutch Shell and Wintershall," Gatdula concluded.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
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