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Oil producers focusing on dense U.S. rock formations must diversify their portfolios for long-term growth, but that’s a big challenge amid low crude prices.
The factory drilling that marks unconventional oil and gas development requires a totally different business model and skill set than traditional plays, Total’s CEO said.
Growth in oil demand to 2040 will also be driven by India, Southeast Asia, the Middle East and sub-Saharan Africa, the IEA said.
According to the analysis by the World Resources Institute, 38 percent of the earth’s shale gas and tight oil resources are in areas that are either arid or under high levels of water stress already _ a scenario that does not mesh with the high water demands of today’s extraction techniques.
The United States’ monopoly on pulling oil and gas out of ultra-dense rock formations is ending, as companies aim to replicate the success in other countries, energy analysts said Tuesday.
The surge in oil and production from unconventional sources will likely spread beyond North America by the end of the decade, according to a study published Tuesday by the International Energy Agency.
The United States accounted for 10 percent of world crude oil production in the fourth quarter, with oil from unconventional tight rock operations accounting for almost half of the crude American wells produced.
Even if global oil prices fell more than $30 per barrel, the overwhelmingly majority of U.S. tight oil production would still be profitable, analysts with Wood Mackenzie said Tuesday.
While tight oil plays in the U.S. are booming, reproducing that success abroad could be challenging for American companies, energy executives and analysts said Tuesday.
Removing the current ban on crude oil exports would lower consumer prices and stimulate further tight oil production, the chief executive officer of ConocoPhillips said at an energy conference Tuesday morning.