World Has 10 Years of Shale Oil: US Department of Energy

CNBC

By Gregory Meyer on June 11, 2013 at 12:44am

Global shale resources are vast enough to cover more than a decade of oil consumption, according to the first-ever U.S. assessment of reserves from Russia to Argentina.

The U.S. Department of Energy estimated ?technically recoverable? shale oil resources of 345 billion barrels in 42 countries it surveyed, or 10 percent of global crude supplies. The department had previously only provided an estimate for U.S. shale reserves, which it on Monday increased from 32 billion barrels to 58 billion.

The pace of oil and gas production gains has consistently surprised forecasters since horizontal drilling and hydraulic fracturing, better known as ?fracking?, were pioneered in U.S. shale rock formations about ten years ago. Only the U.S. and Canada were producing oil and natural gas from shale in commercial quantities, the department said.

Read the full story here.

Source: http://themarcellusshale.com/world-has-10-years-of-shale-oil-us-department-of-energy/

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