Shale Oil & Gas as an Alternative Source of Energy Management Strategy in Modern Industrial Development
Journal Title: Modern Approaches in Oceanography and Petrochemical Sciences - Year 2018, Vol 1, Issue 4
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. Large net oil importers such as India and Japan might see their GDP boosted by around 4%-7% by 2035, while the.com, China, the Euro zone and the UK might gain by 2%-5% of GDP. Conversely, major oil exporters such as Russia and the Middle East could see a significant worsening of their trade balances by around 4%-10% of GDP in the long run if they fail to develop their own shale oil resources. The potential emergence of shale oil presents major strategic opportunities and challenges for the oil and gas industry and for governments worldwide. It could also influence the dynamics of geopolitics as it increases energy independence for many countries and reduces the influence of OPEC. The potential environmental consequences of an increase in shale oil & gas production are complex and appropriate regulation will be needed to meet local and national environmental concerns. Shale oil & gas could have adverse environmental effects by making alternative lower carbon transport fuels less attractive, but might also displace production from higher cost and more environmentally sensitive plays.
Authors and Affiliations
Vijay Prabhu M, Karthikeyan S, Ashutosh Kumar, Sumit Kumar, Kanhaiya Kumar
Keywords
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- EP ID EP622718
- DOI 10.32474/MAOPS.2018.01.000118
- Views 67
- Downloads 0
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