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Page added on February 14, 2013
Shale Oil Production Could Hit 14M Barrels per Day by 2035
Global shale oil production has the potential to reach up to 14 million barrels per day by 2035, or 12 percent of the world’s total oil supply, according to a new report from accountants PwC released Thursday.
PwC’s report – ‘Shale oil: the next energy revolution’ – stated that the firm estimates the increase could reduce oil prices in 2035 to between 25 percent and 40 percent (or between $83 and $100 per barrel in real terms) relative to the current baseline EIA projection of $133 per barrel in 2035.
The firm said that the potential emergence of shale oil presents “major strategic opportunities and challenges for the oil and gas industry and for governments worldwide”, adding that “it could also influence the dynamics of geopolitics as it increases energy independence for many countries and reduces the influence of OPEC”.
Meanwhile there will be “significant strategic implications” along the energy supply chain. “Oil producers, for example, will have carefully to assess their current portfolios and planned projects against lower oil price scenarios,” stated the report.
“National and international oil producers will also need to review their business models and skills in light of the very different demands of producing shale oil onshore rather than developing complex ‘frontier’ projects on which most operations and new investment is currently focused.”
11 Comments on "Shale Oil Production Could Hit 14M Barrels per Day by 2035"
deedl on Thu, 14th Feb 2013 1:57 pm
What a nonsense. Even with just 3 % decrease in production of current fields (could also be 5 %) the production of existing fields will drop about roughly 50 % until 2035. Even if shale oil can be raised to 14 bpd (doubtful), this will still mean that oil production is much lower than today. There is no reason to expect lower prices than today. The only way for prices to sink is by deflationatory demand destruction.
DC on Thu, 14th Feb 2013 2:04 pm
LoL@Rigzone
LT on Thu, 14th Feb 2013 3:09 pm
A sign of desperation! Super desperation!
BillT on Thu, 14th Feb 2013 3:39 pm
And the moon is made of green cheese! Oh, right, we went there and found it was made of rock.
RIGZONE = petroholic porn.
rollin on Thu, 14th Feb 2013 4:48 pm
Even if worldwide production of tight oil did reach 14 million barrels per day it would have to replace a lost 19 million barrels per day of conventional crude production as well as it’s own losses as fracked fields die off in ten years or less. Good luck on that one.
Plantagenet on Thu, 14th Feb 2013 5:02 pm
Its time to invest in fracking stocks.
GregT on Thu, 14th Feb 2013 5:06 pm
It is time for the world to face the reality of fossil fuel depletion. We need to stop treating the planet as a resource base, and start respecting it as our only home. BAU is ending, whether it happens tomorrow, or twenty years from now, is irrelevant.
The best thing that can happen to us right now is economic collapse. Then maybe people would wake up to reality, and start to plan for a future without cheap, abundant fossil fuels, while we still have the resources available to do something about it.
Hugh Culliton on Thu, 14th Feb 2013 7:27 pm
Someone’s trying to boost their share prices, so that minutes before reality makes this baby go “pop” like a loud fart, they’ll have already checked out with a sizable chunk of some poor sucker’s savings.
LT on Thu, 14th Feb 2013 8:39 pm
Greg T: “It is time for the world to face the reality of fossil fuel depletion. We need to stop treating the planet as a resource base, and start respecting it as our ONLY HOME.”
Well said! I agree.
Good video:
https://www.youtube.com/watch?v=pnLX9pdKuEg
Bor on Thu, 14th Feb 2013 9:16 pm
This is a patented BS…
Dmyers on Fri, 15th Feb 2013 12:21 am
If I may take the liberty of suggesting a different title for this piece:
“Shale Oil Propaganda Could Hit 14M Suckers per Day by 2015”