Global Oil Reserves & Shale Oil Report Ed 1 2012
The new NRG Expert Global Oil Reserves and Shale Oil report looks at global oil reserves and shale oil by country and company. The Shale Oil market and to date production of shale oil has been mainly restricted to periods in history when oil supplies were constrained or expected to be constrained or when governments supported the sector. For example, interest in shale oil projects was high during and after wars due to concern over possible supply constraints. After the 1973 oil embargo a reduction in oil supplies resulted in many countries exploring and producing domestic shale oil.
High oil prices have made expensive shale oil projects more attractive, but the volatility of oil prices have made it risky to invest in expensive projects that require a high oil price to be profitable. Oil prices are projected to rise, which may make projects profitable in the long-term, particularly in countries keen to increase domestic oil production. Competition from conventional oil and unconventional and frontier gas is a significant risk, for example oil sands and deep offshore gas. However, as OPEC oil is expected to continue to dominate the oil markets, countries with oil shale reserves may be keen to develop, at least some domestic oil industry.
Source: Business Wire