Worldwide Market Reports added Latest Research Report titled “Global Shale Oil Market by Manufacturers, Regions, Product Type and Application, Forecast to 2026″ to its Large Report database.
Shale oil extraction is an industrial process for unconventional oil production, which converts kerogen in oil shale into shale oil by pyrolysis, hydrogenation or thermal dissolution. Shale oil that must be hydraulically fractured to extract the oil. Shale oil can refer to crude oil that is found within shale formations or to oil that is extracted from oil shale. Oil shale is a type of sedimentary rock that has low permeability and it have bituminous-like solids that can be liquefied during the extraction process. Shale oil extraction was made possible with the development of horizontal drilling techniques and hydraulic fracturing that has allowed oil and natural gas producers to extract resources from shale rock and other low permeability rock formations.
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Countries with the largest amount of technically recoverable shale oil resources include Russia, the US, China, Argentina, and Libya. In 2013, the U.S. Energy Information Administration (EIA) estimated that 345 billion barrels of shale oil might be technically recoverable, making up an estimated 11% of total crude oil resources. Producing shale oil from shale rock is more expensive than conventional crude oil and can have a greater impact on the environment. The U.S. production of tight oil has increased significantly since 2010, driven by technological improvements that have reduced drilling costs and improved drilling efficiency in major shale plays such as the Bakken, Eagle Ford, and the Permian Basin.
Key developments of Shale Oil Market
In April 2018, the Persian Gulf nation of Bahrain announced that it has found at least 80 billion barrels’ worth of shale oil off its coast, it’s largest-ever oil and gas discovery. Bahrain hopes to start production within five years, and a local newspaper said officials hope to eventually pump 200,000 barrels a day from the site. Furthermore, in March 2018, the U.S. shale has effectively upended the oil industry, with predictions that total U.S. oil production will surpass Saudi Arabia’s output in 2018, in turn rivalling Russia’s to become the preeminent global producer. According to CNBC, U.S. oil production has surged to an all-time high, above 10 million barrels a day, driven by growth from America’s shale fields. ExxonMobil and Chevron may redirect funds from offshore projects to U.S. shale operations.
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