IHS: Shale Oil Boom Could Go Global

The shale oil boom that has led to resurgence in U.S. production could be replicated internationally, according to a new study from research firm IHS Global Insight.

Oil is recovered from shale formations using a combination of hydraulic fracturing and horizontal drilling. The process has also allowed for a significant increase in gas production, particularly at the Marcellus Shale in Pennsylvania.

Domestic oil production recently hit its highest level since May 1989, driven by shale plays like North Dakota’s Bakken and Eagle Ford in Texas. Previous studies by IHS have shown North America has about 43 billion barrels of commercially recoverable oil.

The group’s latest report suggests global shale formations potentially hold seven times the amount of technically recoverable oil located in North America.

While it remains to be seen how much of the oil is commercially recoverable, the geological study from IHS identified 148 global shale plays that may have 300 billion barrels of technically recoverable oil.

Because well-level data does not exist outside of North America, IHS grouped international plays based on their geographical characteristics. It then compared each play to its closest equivalent in North America to get an estimate of its technical potential.

Via: Fox Business

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Mitt Romney: “I have a vision for an America that is an energy superpower”

Team Romney has released their official and detailed energy platform in a new position paper, and Mitt is talking it up on the campaign trail today in New Mexico. It’s all great stuff, in my humble opinion: fewer federal regulations; more state self-determination; more drilling, both offshore and terrestrial; less government “investment” in politically preferred pet green energy projects; a quicker green-lighting procedure for major energy projects and North American cooperation; and etcetera.

A crucial component of Mitt Romney’s Plan for a Stronger Middle Class is to dramatically increase domestic energy production and partner closely with Canada and Mexico to achieve North American energy independence by 2020. While President Obama has described his own energy policy as a “hodgepodge,” sent billions of taxpayer dollars to green energy projects run by political cronies, rejected the Keystone XL Pipeline as not in “the national interest,” and sought repeatedly to stall development of America’s domestic resources, Romney’s path forward would establish America as an energy superpower in the 21st century.

“An affordable, reliable supply of energy is crucial to America’s economic future. I have a vision for an America that is an energy superpower, rapidly increasing our own production and partnering with our allies Canada and Mexico to achieve energy independence on this continent. If I am elected president, that vision will become a reality by the end of my second term.” -Mitt Romney

THE ROMNEY AGENDA:

• Empower states to control onshore energy development;
• Open offshore areas for energy development;
• Pursue a North American Energy Partnership;
• Ensure accurate assessment of energy resources;
• Restore transparency and fairness to permitting and regulation; and
• Facilitate private-sector-led development of new energy technologies.

Amen to that! It’s often said that, under Obama anyways, America is a energy-rich nation acting like an energy-poor nation. There is a huge and booming global market for energy resources, which we have in spades, yet we continually and quixotically take ourselves out of the game and refuse to get in on a market share that would bring in major economic growth and revenue. A national agenda like this would help put Americans back to work and invigorate our limping economy without adding more costly, sluggish bureaucracy to the mix.

Via: Hot Air

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