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Page added on June 20, 2013
The US Is No Longer The King Of Shale Oil & Gas
If you thought the US was the king of shale, we are sorry to burst your bubble… it no longer wears the crown. China has more proven oil reserves than the US. As the following chart shows – from the EIA’s 730-page report, which assesses the shale formations of 41 countries – the global race for shale development has started. As Casey Research’s energy report discusses, countries that are not now known for their oil and gas production are showing much shale oil and gas promise.
7 Comments on "The US Is No Longer The King Of Shale Oil & Gas"
Others on Thu, 20th Jun 2013 12:13 am
I told you, where ever shale rocks are there , there will be fracking.
Worldwide fracking party.
Every day, Chinese buy 60,000 vehicles and no wonder they have to start fracking.
rollin on Thu, 20th Jun 2013 1:50 am
Looks like Russia has even more.
Plantagenet on Thu, 20th Jun 2013 2:55 am
How do you say “drill baby drill” in Chinese?
BillT on Thu, 20th Jun 2013 3:21 am
Having and accessing are two very different things. As long as they can buy oil from other countries, they will likely leave their reserves in place. Stupidity is mostly in the West. The US had one of the world’s largest reserves of easy to get oil and they sold it cheap to anyone who would buy it. Now we are at war trying to get enough to keep our bankrupt country going another day.
prajeshbhat on Thu, 20th Jun 2013 6:47 am
Looks like Indian doesn’t have even shale.
greg_ory on Thu, 20th Jun 2013 12:42 pm
but for several years US was in a strong position, when it comes to shale extraction 🙂 Just look at the change in gas prices from the perspective of last few years, as is posted here – http://blog.pulawy.com/en/united-shales-of-america But time’s change, now it’s time for China. We’ll see for how long they will take the lead 🙂
shortonoil on Thu, 20th Jun 2013 2:10 pm
With initial development investment cost of $148,500/barrel, (EIA) where is a country like South Africa going to raise the funds needed to extract this oil? After the FED starts shutting down its printing presses even the US will find continued development in this area extremely challenging, if not most likely impossible.