Selected international news from shale gas exploration and production industry
According to Accenture Company experts, the Neuquen Basin in Argentina is the best prospect for rapid development of shale oil and gas resources comparing to all other countries other than USA and Canada. Nonetheless, it will take 5-10 years to start commercial production of unconventional hydrocarbons in South America.
China plans to drill more shale gas exploration wells. As much as 322 of them have been drilled there by the end of April 2014. Small scale commercial production was already launched. All Chinese wells produced a total of 611 Mcm of shale gas by the end of June 2014.
Legislation on unconventional oil and gas production is being drafted in the RSA. Emphasis will be on environmental protection aspects. The new legislation is slated for October 2014.
The increasing shale gas production is the reason behind low prices of crude worldwide. Crude oil price continued to fall in the past weeks. In the final week of August North Sea Brent oil cost slightly in excess of USD 100 per barrel. A surplus of that commodity on the market was due to shale oil production in the USA and a lower demand from European refineries.
sources: polskieradio.pl, wnp.pl, e-petrol.pl, gazlupkowy.pl