10 June 2013 18:57 [Source: ICIS news]
HOUSTON (ICIS)--Technically recoverable reserves of shale natural gas and oil on a global scale have been revised upward thanks to additional assessments of formations around the world, the US Energy Information Administration (EIA) announced on Monday.
Some 7,299 trillion cubic feet (tcf) (206 trillion cubic metres) of shale gas in the world is technically recoverable, which means it can be produced using current technology without reference to economic profitability, the EIA said. The reserves assessment is an increase of more than 10% from a 2011 report from the agency of 6,622tcf, according to the report.
Meanwhile, the EIA calculated 345bn bbl of technically recoverable shale oil reserves globally. The agency did not calculate worldwide shale oil reserves in its 2011 report, as it focused on shale gas.
The EIA analysis released on Monday contained more information than the agency’s previous assessment two years ago thanks to new global studies done in response to the shale boom occurring in ?xml:namespace>
Forty-one countries, 95 basins and 137 formations were included in the 2013 report, compared with 32 countries, 48 basins and 69 formations in the 2011 report.
In total, shale gas represents 32% of the technically recoverable reserves in the world, while shale oil is 9% of the same global criteria, the EIA said.
China leads the pack in terms of shale gas technically recoverable reserves at 1,115tcf. Argentina is second with 802tcf and Algeria third at 707tcf. North America’s shale gas strength is evidenced with the US having the fourth highest technically recoverable shale gas reserves (665tcf), Canada the fifth (573tcf) and Mexico the sixth (545tcf).
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“However, given the variation across the world's shale formations in both geology and above-the-ground conditions, the extent to which global technically recoverable shale resources will prove to be economically recoverable is not yet clear,” the report said.
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