Shale Oil & Gas as an Alternative Source of Energy Management Strategy in Modern Industrial Development by M Vijay Prabhu in Modern Approaches in Oceanography and Petrochemical Sciences- Lupine Publishers
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.
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