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Recent Shale Oil and Gas Finds around the World.

Recent Shale Oil and Gas Finds around the World.

Recent massive discoveries of shale oil and shale gas have been made around the world. Various methods of extraction are being considered, but the most popular is 'Fracking' the process of initiating and subsequently propagating a fracture in a rock layer, by means of a pressurized fluid, in order to release petroleum, natural gas, coal seam gas, has come under attack from many quarters and may halt the growth of this expanding sector. 

 

There have been a number of recent discoveries of shale oil and gas in recent weeks. For a full explanation about the contraversial method of extracting shale oil and gas, known as 'Fracking' click here.

Britain

British shale gas company IGas has more than doubled its estimate of gas in place at its site in north-west England and started the search for an experienced partner after being approached by various companies, its chief executive said.

The company said on Monday it was likely to at least double previous shale gas estimates of up to 4.6 trillion cubic feet (130.26m cubic metres), which would boost Britain's reserves to levels above Poland's, until now the focus of the shale gas industry in Europe."When you combine our estimates with Cuadrilla's flow results, you're looking at probably a shale that's going to be better than what has been seen in Europe, definitely better than Poland,"

Andrew Austin, CEO of IGas, said.Cuadrilla Resources suspended fracking in May 2011 at a site near Blackpool after its fracking operations caused tremors in the nearby area.Austin said that IGas was now looking for a partner to further develop its shale gas resources.source: guardian.co.uk Monday 2nd April 2012.

Israel 

Israel's Modiin Energy and Adira Energy Corp. on Tuesday confirmed the discovery of an commercially viable quantity of oil just 15 miles off the coast of Tel Aviv.Late last year, Modiin and Adira published surveys of the 150-square-mile Gabriella field showing that the site likely contained significant quantities of both oil and natural gas.Speaking to shareholders in Tel Aviv, Adira officials said Gabriella is expected to yield 232 million barrels of oil and 1.8 trillion cubic feet of natural gas.

Add that to the 25 trillion cubic feet of natural gas discovered last year at other Mediterranean sites, and Israel's energy situation is starting to look much improved.Modiin majority shareholder Tzahi Sultan told Israel's Globes business newspaper that drilling at the Gabriella site should begin later this year, and a well will be in place producing oil in about five years.

Source: Israel Today 14th March 2012

Argentina

Argentina's biggest energy company, YPF, has found unconventional shale oil and natural gas in Mendoza province, confirming the extension of the massive Vaca Muerta area, officials said on Thursday.
YPF, which is controlled by Spain's Repsol , said exploration at the Payun Oeste and Valle del Rio Grande blocks pointed to an estimated 1 billion barrels of oil equivalent (boe) in unconventional oil and gas in Mendoza.

Energy resources and reserves in the province, which borders the Andes mountain range in western Argentina, currently stand at 685 million boe.'The results are very encouraging. They tell us these are horizontal wells similar to what is done in the United States, we can replicate the U.S. model in Mendoza province,' Tomas Garcia Blanco, head of YPF's exploration and production, told reporters gathered in Malargue, Mendoza. Horizontal wells permit access to rocky areas where oil and gas could not be extracted with conventional vertical drilling. U.S. energy production has surged thanks to this technology.

The company's shares closed up 3.9 percent in Buenos Aires after climbing by as much as 8 percent earlier in the session on news of the discovery, traders said.

Source: en.mercopress.com 2011/11/08/

Around Europe

In March, Poland slashed its shale gas reserves to 346-768bn bcm, 90% lower than previous estimates.These figures knocked Poland out of the top 20 countries with the highest shale gas reserves and put it behind other European countries such as France, Norway, Ukraine and Sweden. Previously the EIA had ranked Poland at 11th globally, ahead of France.The future of shale gas exploration in Europe is unclear because of environmental concerns and lack of regulatory clarity.In continental Europe, France and Bulgaria both put a moratorium on shale gas exploration in 2011 citing environmental concerns.

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