Munsback, Luxembourg (PRWEB) June 6, 2010
Despite shale gaining recognition years ago it was never considered a viable, and most importantly, a profitable source of gas or oil until the last few years. Despite the fact that geologists knew that areas like the Bakken in North Dakota and Texas’ Barnett zone had substantial amounts of natural gas, the technology of those earlier days prevented them from being produced efficiently and economically using the fracturing and vertical drilling techniques of that time. Industry professionals knew that alternative techniques needed to be developed and perfected. Over the years the industry was able to embrace the advent of much improved fracing techniques, and evolved sophisticated horizontal and directional drilling methods, and the exploration and development of shale projects became a viable business promising substantial returns for those in the know.
The Barnett Shale, where independents like Uni Oil and Gas Partners Ltd have made considerable investments of time and resources, is known the world over as having kick started the industry’s interest in viable gas from shale production, and it is now beginning to show great promise for oil as well. A sure sign of the profit potential of shale is the fact that not only the independents are getting their hand in, so are the majors. With an every growing bureaucracy and stricter regulations driving up the costs of drilling off-shore, and shale becoming a profitable investment, the majors are looking at shale as a bulwark to the problems of off-shore and an acceptable alternative that will help drive profits and sustainability in the long-term.
In regard to the economics of Texas, where much of the current and future investment will be made, shale has been a boost of major significance. Shale has also provided jobs across a seventeen county area infusing the local economies with much needed revenue. Not only has an increase of over fifty thousand long-term jobs been the result of this new exploration and production, well over a half a billion dollars of tax revenue has flowed to the state and county level as well. As exploration and production methods become more refined and productive over the next decade the state of Texas, which has some of the largest shale plays in North America, is looking to realize well over a hundred thousand quality jobs. Industry expert T. Boone Pickens believes that shale formations similar to the Barnett could be exploited over the next century as traditional means begin to dwindle and alternatives to oil and gas come on line.
Many proponents to the further development of shale in Texas are concerned that those who are opposed to shale, because of the amount of fracing performed (a process which uses substantial amounts of water in its process) and its foreseen encroachment on urban areas could cause the boom to slow down or cease. But the recent developments in the Gulf of Mexico concerning environmental issues should create some breathing space for the onshore players who are better equipped to handle such concerns and who have had over a hundred years of experience in doing so. Despite all the voices raised opposing the fracing of shale, those responsible for monitoring the industry say there has never been a confirmed instance of the problems in the Barnett that the opponents tout as reasons to cease this now lucrative industry.
With some companies discovering oil rich fields within the Barnett shale others are encouraged to participate. Innovative technologies are being further developed as more people become involved, and this, coupled with the longstanding knowledge of the area and the ingenuity of those involved, is what’s fueling the rush for shale. As recently as ten to fifteen years ago most thought that shale was a non-starter, including the majors who have resources to spare, and the US Government reached the same conclusion as well. Despite all the underestimates of the government regarding zones like the Bakken and Barnett shales, the independents have stuck it out, applied solid methods tempered with open minds to bring about the changes needed and suggest that the oil and oil liquids reward of shale are not as illusory as some have insisted in the past.
2009 saw for the first time in close to two decades an increase in American oil production and it is expected to continue at the same steady upwards pace. Onshore shale projects have had a large hand in this rise in production and if oil and gas prices remain at their current level, or seek higher positions, shale will continue to be profitable for those who have invested wisely in it. As more industry players become involved, and further develop the technologies and strategies needed to succeed onshore these days, everyone stands to benefit. With the current successes, which prove that if handled correctly shale can produce both oil and gas for profit, North American oil and gas liquids production will mature into a new era of sustainable growth and profit.
About Uni Oil and Gas
Uni Oil & Gas Partners mainly engage in oil and natural gas exploration, development, production and sales. They are a growth oriented independent oil and gas concern with many projects situated in the Mid-continental Region of the United States. In conjunction with their established track record of achievement in profit producing projects they have excelled in the development of their reserves and exploration drilling as well.
Uni has a strategy of drilling low risk oil and gas prospects; typically high producing areas within Texas, like Mansfield of Tarrant County, that are already established for having excellent production. The company's area of expertise is in obtaining superior quality leases in long proven fields that are surrounded by existing production. Uni Oil & Gas Partners have assumed principal responsibility on many key oil and gas projects within Texas and they have significant experience in projects throughout the Permian and Fort Worth Basin Regions.
Uni Oil & Gas Partners offer a comprehensive spectrum of services to the upstream, midstream and downstream oil and gas sectors. Interested parties are encouraged to contact Uni Oil and Gas Partners for more information.
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