Shale-oil output to hit 14 million b/d by 2035
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 countries...