Race for new oil-production techniques
New oil-production techniques sweeping North America spread around the world and unlock new energy supplies.
Russian, Chinese, European and Saudi companies are rushing to adopt the drilling and fracturing technology that has opened up a wealth of new oil and gas reserves in Canada and the U.S. The stage is set for international price pressure,
partnership between Rosneft and Exxon Mobil Corp. (XOM-N86.850.540.63%), which will provide the Russian firm insights into developing so-called “unconventional resources,” and Saudi efforts to explore for shale gas. Countries such as Poland have also seen growing interest in using new technology to bring energy to surface, and “(the) Chinese are intensely interested in unconventional gas, shale gas and coal-bed methane, and are certainly very committed to mastering the technology.
In North America, the explosion of shale gas supplies has severely depressed prices of natural gas.
Australia and Eastern Europe are starting to open up their own shale