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Message: <blockquote data-quote="ibnanv" data-source="post: 24178908" data-attributes="member: 218596"><img src="https://www.eia.gov/todayinenergy/images/2013.06.10/shalemap.png" alt="" class="fr-fic fr-dii fr-draggable " style="" /> Estimated shale oil and shale gas resources in the United States and in  137 shale formations in 41 other countries represent 10% of the world's  crude oil and 32% of the world's natural gas technically recoverable  resources, or those that can be produced using current technology  without reference to economic profitability, according to a new EIA-sponsored study (see Table 1) released today (June 10, 2013).             <img src="https://www.eia.gov/todayinenergy/images/2013.06.10/table1.png" alt="" class="fr-fic fr-dii fr-draggable " style="" />                 More than half of the identified shale oil resources outside the United  States are concentrated in four countries—Russia, China, Argentina, and  Libya—while more than half of the non-U.S. shale gas resources are  concentrated in five countries—China, Argentina, Algeria, Canada, and  Mexico.  The United States is ranked second after Russia for shale oil  resources and fourth after Algeria for shale gas resources when compared  with the 41 countries assessed (see Tables 2 & 3).     <img src="https://www.eia.gov/todayinenergy/images/2013.06.10/table2.png" alt="" class="fr-fic fr-dii fr-draggable " style="" />            Technically Recoverable Shale Oil and Shale Gas Resources  estimates that shale resources considered in conjunction with EIA's own  assessment of resources within the United States indicate technically  recoverable resources of 345 billion barrels of world shale oil  resources and 7,299 trillion cubic feet of world shale gas resources  (see Table 1).  While the current report considers more shale formations  than were assessed in the prior version of this assessment, it still  does not assess many prospective shale formations, such as those  underlying the large oil fields located in the Middle East and the  Caspian region. Currently, only the United States and Canada are  producing shale oil and shale gas in commercial quantities.  Unlike an earlier EIA-sponsored study that focused exclusively on  natural gas, the new world shale assessment includes shale oil, which  has recently been produced in significant volumes in the United States.    In addition, more and better geologic information has become available  for shale formations located outside the United States, in part because  the earlier report stimulated new work on shale resources in many  countries (e.g., Algeria, Argentina, and Mexico).  These shale oil and shale gas resource estimates are highly uncertain  and will remain so until they are extensively tested with production  wells.  This report's methodology for estimating the shale resources  outside the United States is based on the geology and resource recovery  rates of similar shale formations in the United States (referred to as  analogs) that have produced shale oil and shale gas from thousands of  producing wells.  Because they have proven to be quickly producible in large volumes at  a relatively low cost, shale / tight oil and shale gas resources have  revolutionized U.S. oil and natural gas production, providing 29 percent  of total U.S. crude oil production and 40 percent of total U.S. natural  gas production in 2012.  However, given the variation across the  world's shale formations in both geology and above-the-ground  conditions, the extent to which global technically recoverable shale  resources will prove to be economically recoverable is not yet clear.    The market impact of shale resources outside the United States will  depend on their own production costs and volumes.  For example, a  potential shale well that costs twice as much and produces half the  output of a typical U.S. well would be unlikely to back out current  supply sources of oil or natural gas.  In many cases, even significantly  smaller differences in costs, well productivity, or both can make the  difference between a resource that is a market game changer and one that  is economically irrelevant at current market prices.  Several nations have begun to evaluate and test the production  potential of shale formations located in their countries. Poland, for  example, has leased prospective shale acreage and drilled 43 test wells  as of April 2013.  Argentina, Australia, China, England, Mexico, Russia,  Saudi Arabia, and Turkey have begun exploration or expressed interest  in their shale formations.</blockquote>

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