This is something of an arbitrary classification, since most shale energy formations would be. It puts the evolution of shale oil production into historical perspective, highlights uncertainties about future shale oil production, and cautions against the view that the u. A huge army will come out of the east, mostly china and india and. A critical revolution in the crude oil and natural gas markets began 18 years ago. The resulting oil can be used immediately as a fuel or upgraded to meet refinery feedstock specifications by adding hydrogen and removing impurities such as sulfur. Over roughly the past decade, oil and gas production in the united states has surged. If you feel your comment was rejected because it was. Low oil prices are here to stay as the us shale oil. Shale gas and tight oil describes the remarkable new energy resources being obtained from shale gas and tight oil through a combination of directional drilling and staged hydraulic fracturing, opening up substantial new energy reserves for the 21st century. The shale revolution extended to oil, lifting us production by 3m barrels a day and forcing the saudis to try to flood the market in an attempt to. Its just another play with a somewhat higher cost structure but larger resource base than conventional gas.
But when looking at energy exposure as a share of a banks overall loan book, goldman sachs group inc. Oil shale is an organicrich finegrained sedimentary rock containing kerogen a solid mixture of organic chemical compounds from which liquid hydrocarbons can be produced, called shale oil not to be confused with tight oilcrude oil occurring naturally in shales. This article examines how the shale oil revolution has shaped the evolution of u. Oh, oh, domino the shale revolution and energy market. Shale gas and tight oil describes the remarkable new energy resources being obtained from shale gas and tight oil through a combination of directional drilling and. Largely due to shale gas discoveries, estimated reserves of. A comprehensive reference book that describes the life cycle of shale gas. Thus, the main beneficiary of the us shale oil revolution has been not gasoline consumers or, for that matter, domestic shale oil producers, but the us refining industry, which enjoys a competitive advantage compared to diesel and gasoline producers abroad because of its access to lowcost crude oil. By 1986 production had fallen to 16 tcf, but in 2005 had recovered a bit. The book is a key reference that is useful for researchers, the oil and gas industry, and. The shale revolution is a madeinamerica success story. To date we have extracted about 10 billion barrels of shale oil.
Fundamentals of gas shale reservoirs rezaee, reza download. Jan 22, 2019 shale oil s impact will have huge implications for global energy markets for many years, fatih birol, executive director at the international energy agency, told cnbc on tuesday. Shale gas has become the focus of global natural gas exploration, and shale oil plays an important role in unconventional oil and gas exploration. Shale gas and tight oil, authors daniel soeder and. Includes statistics about gas shale resources and countries that have shale gas potential. The shale revolution is the most politically disruptive factor in the global oil market since the formation of opec in 1960, says edward morse, head of commodity research at. I learned a ton about shale extraction, its future outlook and how it compares to other types of petroleum extraction. On balance, shale revolution has been a benefit, author. Oil revolution has torn up the rule book in a radically different oil market, says the international energy agency, the united states. What does the usa shale oil revolution mean for oil prices. Shale oils impact will have huge implications for global energy markets for many years, fatih birol, executive director at the international energy agency, told cnbc on tuesday. The boom in tight oil and shale gas in the last two decades, fueled by a combination of directional drilling and staged hydraulic fracturing, has revolutionized the energy industry, revitalized reserves once thought depleted, changed the global energy market and raised environmental concerns in the new book, the fossil fuel revolution. Over roughly the past decade, oil and gas production in the united states has surged dramaticallythanks largely to technological advances such as highvolume hydraulic fracturing, more.
Apr 21, 2017 the situation in natural gas was much the same. To access the remainder of oh, oh, domino the shale revolution and energy market fundamentals. Gary sernovitz, who has given the world his thoughts on this revolution in the new book the green and the black. The book includes the history of shale gas development. There is potential for shale oil production to spread globally over the next couple of decades. So whats going to happen is the book of revelation. Breaking free is a documentary exploring the controversial practice of horizontal drilling and hydraulic fracturing in the oil and gas industry.
How the shale oil revolution has affected us oil and gasoline. Opinion the shale gas revolution the new york times. Oct 04, 2015 beginning less than a decade ago, the shale oil revolution has turned the long run declining oil production trends in the united states into rises of 73% between 2008 and 2014. Everyone in the oil space agrees that the biggest of them have all been discovered and there are very few conventional finds left.
The first third of the book is on the technical details and strategic consequences of the shale revolution in the us. On page 46, he shares a graph that indicates the u. What the shale revolution or retirement party as art berman more accurately calls it, did was to drill straight into the source rocks themselves. Jan 15, 2015 the beneficiaries of the us shale oil boom. Theory, technologies, and challenges provides users with information on how shale oil and gas exploration has revolutionized todays energy industry. Shale oil is a substitute for conventional crude oil.
Jun 12, 2016 the green and the black the complete story of the shale revolution, the fight over fracking, and the future of energy by gary sernovitz 280 pp. Part of the center on global energy policy series, the fracking debate can be regarded as the definitive book about fracking and the impact of the shale revolutiona revolution that has allowed u. Shale oil output has almost doubled since 2016, and due to the steep production decline of wells, constant activity is required just to keep production flat. The article makes a distinction between shale gas and tight gas. Try searching on jstor for other items related to this book. Recently the most important driving force for the rapid growth of crude oil production in world is the shale oil revolution in the united states, whose rapid development has made profound impact on. Addresses the challenges that oil and gas industries may confront for gas shale reservoir exploration and development. The production cuts just announced by opec and russia. Wall street may now be reluctant to fund shale producers after years of overspending and low returns.
Shale oil february 20 1 executive summary shale oil light tight oil is rapidly emerging as a significant and relatively low cost new unconventional resource in the us. The resulting oil can be used immediately as a fuel or upgraded to meet refinery feedstock specifications by adding. The complete story of the shale revolution, the fight. As activity has boomed and job growth continues to increase, training in this area for new and experienced engineers is essential. The shale revolution refers to the combination of hydraulic fracturing and horizontal drilling that enabled the united states to significantly increase its production of oil and natural gas, particularly from tight oil formations, which now account for 36% of total u. A good introduction to shale gas and hydraulic fracturing, including a map of shale energy gas and oil producing areas in the united states, can be found on the energy information administration website. The risks, benefits, and uncertainties of the shale revolution. Shale oil refers to hydrocarbons that are trapped in formations of shale rock. The shale gas revolution challenges the coal industry, renders new nuclear plants uneconomic and changes the economics for the renewable energy companies, which are now much further from viability. How the shale oil revolution has affected us oil and. The resulting oil can be used immediately as a fuel or upgraded to meet refinery feedstock specifications by adding hydrogen and removing impurities such as sulfur and nitrogen. The demise of the shale oil revolution, more like the retirement party for oil.
It was inevitable that the same thing would happen to crude oil. Mar 12, 2020 but when looking at energy exposure as a share of a banks overall loan book, goldman sachs group inc. Even then, production from shale wells peaks quickly and then begins a period of diminishing returns. Jun 06, 2015 just about everyone has heard something about the revolution in shale oil. The bakken shale discussion group officially began october 1, 20. Exploration and environmental and economic impacts explores the shale gas exploration and production activities that are increasing globally, also presenting a basic understanding on the geological, geochemical, and geophysical aspects. Oil shale is an organicrich finegrained sedimentary rock containing kerogen from which liquid. Which companies are the biggest shale players in the u.
Shale oil and gas exploration and development prospects. Jul 25, 2018 the bloom energy ipo, tesla and the shale technology revolution. The shale oil revolution actually reflects a nation in. In this book, daniel raimi gives a balanced and accessible view of oil and gas development. The complete story of the shale revolution, the fight over fracking, and the future of energy by gary sernovitz feb 23, 2016 4. Which require much more energy and cost to coax oil from.
Shale gas and tight oil, authors daniel soeder and scyller borglum, ph. The us becomes the largest gas producer in the world and the. Oil shales differ from oilbearing shales, shale deposits which contain petroleum. There have been 30 dominoes since the shale revolution started.
The promise and the peril, revised and updated second. Browse the amazon editors picks for the best books of 2019, featuring our. Plumbing oil from shale rock is a costly endeavor that depends on expert execution. Dec 01, 2017 in this book, daniel raimi gives a balanced and accessible view of oil and gas development, clearly and thoroughly explaining the key issues surrounding the shale revolution. The shale oil extraction revolution has dramatically impacted u. A lawyers guide by energy litigation this book is a onestop source for shale play information and litigation involving shale plays, and addresses the vast new wave of litigation issues resulting from the fastpaced and unconventional growth of the shale gas industry. Led by new applications of hydraulic fracturing technology and horizontal drilling, development of new sources of shale gas has offset declines in production from conventional gas reservoirs, and has led to major increases in reserves of us natural gas.
Oil shales differ from oil bearing shales, shale deposits which contain petroleum. This article was originally published july 16, 2016 and updated may 12, 2017. These processes convert the organic matter within the rock into synthetic oil and gas. Gary sernovitz, who has given the world his thoughts on this revolution in. Shale boom, shale bust goodreads meet your next favorite book. Hydraulic fracturing fracking of rock formations unique to the united states offers the promise of cheap and abundant energy, terrific economic growth and jobs lots of jobs. The book you must be logged as a rbn backstage pass subscriber full access to the rbn energy blog archive which includes any posting more than 5 days old is available only to rbn backstage pass subscribers. In this book, daniel raimi gives a balanced and accessible view of oil and gas. Oil revolution has torn up the rule book in a radically different oil market, says the international energy agency, the united states looks like the winner and russia and other. Provides comprehensive information about the key exploration, development and optimization concepts required for gas shale reservoirs. These processes convert the organic matter within the rock kerogen into synthetic oil and gas.
The bloom energy ipo, tesla and the shale technology revolution. Oil shale research in the united states 5 september 2011 third edition foreword significant research efforts continue in the united states to address some of the technical, economic, and policy uncertainties that constrain the development of americas enormous oil shale resource. Us shale oil output surge depends on cash, logistics and tech. Feb 03, 2018 daniel raimi spent almost three years on the road, traveling from oil play to oil play with hopes of figuring out whether the shale revolution that swept across pennsylvania, texas and north.
Shale oil and gas exploration and development prospects and. The fracking debate directly addresses the most common questions and concerns associated with fracking. A lawyers guide by energy litigation this book is a onestop source for shale play information and litigation involving shale plays, and addresses the vast new wave of litigation issues resulting from the fastpaced and. Shale gas in the united states is an available source of natural gas. Apr 15, 2020 prices remain far below production costs for many u. Shale gas resources are becoming an important energy source for meeting rising energy demand over the next few decades. The hardcover book is already a bestseller on amazon, and our news today is that the audio version has just been published. Development of horizontal drilling and hydraulic fracturing is crucial for economic production of shale gas reservoirs, but it must be performed with caution and as a multidisciplinary approach. Aug 24, 2016 a critical revolution in the crude oil and natural gas markets began 18 years ago. In the book, each one of these developments is a domino. Prices remain far below production costs for many u. Just about everyone has heard something about the revolution in shale oil. Shale oil fiasco page 4 oil general oil price community.
Fracking is a process that oil companies use to drill down into the layers of shale and open up the rock formations. In the first part of the book zeihan indicates how the u. Estonia and china have wellestablished oil shale industries, and brazil, germany, russia also utilize oil shale. The shale of the shale revolution is what petroleum geologists call the source rock a kind of cradle in which crude oil and natural.
176 510 1488 1290 1109 10 623 1334 769 1051 1528 339 1233 963 580 1221 899 984 948 808 583 371 432 1088 1215 982 830 1021 45 32 976 418 740 184 1232 880 129 640 1039 1226 1136 882 1385 94 1012 583