Shale-oil output ‘to hit 14m b/d by 2035’

19 February 2013

Global shale-oil output will see a steep rise over the next 20 years, according to a new report, writes Helen Robertson

 

 
Global shale-oil output will soar over the next 20 years, possibly to as much as 14 million barrels a day (b/d), according to a new report by PricewaterhouseCoopers (PwC).

In its report, Shale oil: the next energy revolution, the consultancy said it expects shale-oil production could make up as much as 12% of expected total global crude oil supply in 2035. This increase could cause oil prices to fall by up to 40%, the equivalent of around $100/b in real terms. The US Energy Information Administration (EIA) says Brent prices could reach $163/b by 2040, up from an average of around $116/b last year.

"The potential emergence of shale oil presents major strategic opportunities and challenges for the oil and gas industry and for governments worldwide," PwC said. "It could also influence the dynamics of geopolitics as it increases energy independence for many...



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