London, UK (PRWEB UK) 30 March 2012
What would spark an increase in production?
- High oil prices could spur the development of oil shale.
- Constrained oil supplies
- Uncertainty eg war or oil embargos
- Additional revenue stream from shale oil projects e.g. cosmetic ingredients, cement,
uranium and phosphate for fertilisers.
And 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 supply.
Which countries have the highest reserves?
The US has by far and away the most shale oil reserves, but the recent proposal would reduce the area of land available until the industry proves commercial development to be “technically viable and environmentally safe.” *
It is worth noting though, that the proposal does not refer to all the oil produced from shale, mainly oil-shale. Other countries with fewer reserves, but commercial shale oil production are Brazil, Estonia and China.
Countries ranked by oil shale resources:
Country In place resources (million barrels)
Source: used by permission of the World Energy Council, London, http://www.worldenergy.org 2008
Over the coming years the development of the industry will be challenged by other sources of oil; fluctuating prices; environmental opposition and environmental legislations including water usage. But with oil prices projected to remain high and the additional revenue streams available for oil shale, the high production costs may be justified.
To see the full picture and to obtain detailed statistics on global oil reserves by country and
company, visit NRG Expert and view:
Global Oil Reserves & Shale Oil Report 2012.
Edgar van der Meer
NRG Expert +1 (416) 840-5847
+44 (0)20 8432 3059
NRG Expert is a London and Toronto based energy intelligence and market
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Source: http://www.newsreview.com, NRG Expert *