Global Shale Oil and Gas Production Set for Major Expansion
Global shale oil and gas production is poised for significant increases, with the United States maintaining its leadership position holding over 80% market share in 2024. According to GlobalData’s “Emerging Oil and Gas Shale Plays” report, technological advancements and major discoveries in China, Argentina, and Saudi Arabia are driving expected production growth.
Algeria, with significant proven shale gas reserves, is reportedly negotiating agreements with ExxonMobil and Chevron to explore and develop its natural gas reserves, including shale gas. The country seeks to revive its oil and gas sector while boosting exports to Europe as an alternative to Russian pipeline gas.
Oil and Gas Analyst Ravindra Puranik noted that hydraulic fracturing and horizontal drilling combinations have unlocked unprecedented shale resource volumes, particularly in formations like the Permian Basin, Eagle Ford, and Marcellus Shale, bolstering US energy independence and altering geopolitical strategy.
Source: oilreviewafrica.com
