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Next Shale ‘Boom’ - Our Money’s on Russia

When the US Energy Information Administration (EIA) released its first-ever report that looked at shale oil and gas potential from a global perspective, the first question that came to nearly everyone’s mind was: Where will the next shale boom be?

It’s a tricky question that has more to do with technology and political will than it does with reserve volumes. It’s also a question that requires an understanding of the significant difference between technically and economically recoverable reserves.

Perhaps the bigger question is: Will there even be another shale revolution?

Before we answer that, let’s do a quick review of the global numbers put forth by the EIA and Advanced Resources International (ARI)…

For shale oil (technically recoverable):
•    Russia (75 billion barrels)
•    US (48 billion barrels)
•    China (32 billion barrels)
•    Argentina (27 billion barrels)
•    Libya (26 billion barrels)

For shale gas:
•    US (1,161 trillion cubic feet—ARI est.)
•    China (1,115 Tcf)
•    Argentina (802 Tcf)
•    Algeria (707 Tcf)
•    Canada (573 Tcf)
•    Mexico (545 Tcf)
•    Australia (437 Tcf)
•   …

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