Igor Kond stands on the top floor of a brand-new refinery in Auvere, Estonia, that when complete will turn the country’s brown shale rock into both oil and electricity. From his perch on a metal balcony 150 feet above the ground, Kond surveys the huge complex under construction just three miles from the border with Russia. “Our shale oil quality is the best in the world,” says Kond, chairman of the board of Enefit Oil & Gas, a subsidiary of Estonian state-owned energy company Eesti Energia. “Here everything possible is used to get more energy out of the stone.” Enefit officials are focused on expanding their technology, which mines, pulverizes, and superheats the shale rock to produce oil as well as steam that is used to run electric power turbines. At Auvere, the company is replacing its older refinery and power plant with cleaner and more efficient units. But Enefit’s ...