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Oil shale: developments and expectations

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1 Oil shale: developments and expectations on Mon Nov 16, 2015 3:09 am

Rocky


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Oil shale: developments and expectations





on: Monday, 11/16/2015

resulted in rapid and significant increase of the production of shale oil in North America an important role
in the current session of the deterioration of world prices. Despite the important role of this non-conventional oil, it is still a mystery, this fledgling industry. What is the impact of the collapse of prices on the profitability of shale oil? What is the price that determines the profitability of production? How much production in North America declined due to deteriorating prices? These are questions raised interest monitors developments in the near term. But there are also important questions in the long term: What is the availability of outside of North America shale oil reserves? What is the extent of the development of fields in the rest of the world? How would meet the consumer needs of shale oil producing countries?
Offers a study by the French Institute of hydrocarbon unconventional answers to these questions in a report published in mid-October. And it reviewed the bulletin "Petrostrategy" oil weekly main features of the report of the Institute. Available information indicates that the shale oil reserves are promising in the three countries President: United States of America, Argentina and China. The report notes that oil shale reserves scattered in the five continents, but must be careful when you talk about the expectations of the global reserves. According to the head of the French Institute, Jean-Louis Shilansky, "There is no mention of the fields outside of North America to develop," as it drilled 120 thousand wells of shale oil in North America, of which 100 thousand wells in the United States, compared to about 1000 wells drilled in the rest of the world.
Confirms Shilansky that the development of shale oil industry in the United States, despite its modernity, left its mark on the world oil markets. He says: "If there were not a revolution of shale oil in the United States, the price of crude oil was about $ 100 a barrel." It is noteworthy that the size of the reserve oil is traditional in the United States, an estimated 78 billion barrels of oil (what is considered sufficient for the consumption of the United States for 10 years) and 17 trillion cubic meters of gas (meet the consumption of the United States for about 20 years).
it refers to the production of 4.2 million barrels per day of oil shale in the United States last year, in addition to the 1.8 million barrels per day of natural gas liquids and 350 billion cubic meters of gas. But, according to the Institute's report, shale oil began to decline in the United States in the spring of this year and expected continued decline in production over the next few months. The main reason for this decline in production to reduce the number of wells drilled due to the deterioration of oil prices. French Institute adds that the shale oil meets about 60 percent of US oil consumption now. The report cites a number of challenges facing the US shale oil industry, is the first, the possibility of maintaining the level of production in spite of declining prices, and secondly, make sure to reduce the price of engineering services and equipment. There are additional challenges facing the United States in the foreseeable future, including the development of liquefied shale gas industry, and to reach internal agreements to allow the export of shale oil to world markets, and the development of means of transport and infrastructure corresponding to production processes and export, and finally improve the technical means for the production of shale oil, in order to reduce production and environmental preservation costs.
It is expected Shilansky in the event of price rises again to 60 - $ 70, that the production of oil shale rate rises in sharp form again, pointing to the floppy to the US oil industry and the sensitivity to prices of nature.
owns Argentina's second-largest hydrocarbon reserves is traditional, according to the institute's report. Valahtaat potential is estimated at 27 billion barrels of shale oil (enough for domestic consumption Argentine's 100 years old) and 22 trillion cubic meters of shale gas (Levy Argentine internal consumption for 400 years). There is this huge basin in Vasa Morita reserve. And yet it drilled 300 wells. The current production of the consortium and a featuring "Chevron" and "Venezuela Petroleum Company," about 50 thousand barrels per day of shale oil and about 1.5 billion cubic meters a year of shale gas.
But expects to increase production quantities of the remarkable form in the coming years, especially because the gas-profit possible when the price of seven dollars per million British thermal units. And facing Argentina three challenges: to persuade citizens to accept the shale oil production, and the reduction of government subsidies for fuel, and change the tax laws and regulations to attract foreign and domestic investments.
The report states that China is a promising country in the field of hydrocarbon unconventional, especially for the reserves of shale gas, with estimated gas reserves of about 31 trillion cubic meters (enough for domestic consumption for 160 years), and estimates of shale oil reserves estimated at 32 billion barrels (fulfilling internal Chinese consumption to eight years). And it began exploration and production under the supervision of the company "Sinopec" Chinese operations. And it began production of shale gas in Sichuan province at a rate of five billion cubic meters per year.
The progress of Chinese political leadership and broad support to the future development of unconventional hydrocarbon industry. But very ambitious future goals, the goal is to produce 30 billion cubic meters a year by 2020. The change of applicable laws to encourage investment in exploration and production. The amendments include pricing and privileges for the use of gas pipeline networks. And refers the French Institute report that the aim of intensifying shale gas production is to assist the country in achieving its plans to reduce carbon dioxide emissions by replacing gas coal shop in electricity production, and to assist in the development of industries, and contribute to the country's independence in energy. But, according to the report, China will face difficulties, including the complex geology of the country, and the difficulty of drilling in some basins. There is a limited potential in the water needed in the extraction area, as the necessary infrastructure is not available.

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