Abstract
Shale oil & gas is rapidly emerging as a significant and relatively low cost new unconventional resource in the world. There is potential for shale oil & gas production to spread globally over the next couple of decades. If it does, it would revolutionise global energy markets, providing greater long term energy security at lower cost for many countries. It is analysed that global shale oil & gas production has the potential to reach up to 14 million barrels of oil per day by 2035, this amounts to 12% of the world’s total oil supply. It is estimated that this increase could reduce oil prices in 2035 by around 25%-40% relative to the current baseline EIA projection of $133/barrel in 2035, which assumes low levels of shale oil & gas production. In turn, it could increase the level of global GDP in 2035 by around 2.3%- 3.7%. However, the benefits of such oil & gas price reductions will vary significantly by country.
Highlights
Shale oil & gas is an unconventional source of oil & gas produced from shale rock fragments by pyrolysis, hydrogenation, or thermal dissolution
In case of acreage an offer for shale oil / gas overlaps or falls within an existing Oil and Gas /Coal Bed Methane (CBM) Block, right of first refusal will be offered to the existing contractor to match the offer of the selected bidder, provided he agrees to al the terms and conditions of the bid
The Energy & Resources cabinet of India has approved a shale gas and oil exploration policy, which will provide a way for state run Oil and Natural Gas Corporation (ONGC) and Oil India to hunt for non conventional resources in blocks awarded to them without auction
Summary
S Karthikeyan[1], M Vijay Prabhu2*, Ashutosh Kumar[1], Sumit Kumar[1] and Kanhaiya Kumar1 1Department of Petroleum Engineering, Excel College of Engg & Tech, Tamil Nadu, India 2 Department of Geology, Periyar University, India Received: May 03, 2018; Published: May 09, 2018 *Corresponding author: M Vijay Prabhu, Dept of Geology, Periyar University, India
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