This NRG Expert Global Oil Reserves and Shale Oil market research report provides a comprehensive overview and analysis of the global shale oil market. It looks at global oil and gas reserves, oil supply and demand, unconventional and frontier oil and gas reserves. It also reviews the economics, the environment and the major shale oil countries. As high oil prices make expensive shale oil projects more attractive, the report outlines the unconventional and frontier gas and oil reserves and their impact on the shale oil market. The report includes a thorough gas and oil analysis, gas and shale oil forecasts, gas and oil data, oil prices and shale oil supplies by country and more…
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- 1. Executive Summary 8
- 2. World Oil and Gas Reserves 9
- 3. Definitions of Reserves 10
- Some different definitions in use worldwide 12
- SPE/WPC Definitions of Reserves 13
- Definitions of oil and gas reserves 13
- Deterministic and probabilistic estimation of reserves 13
- Proved reserves 14
- Proved, proved undeveloped reserves 14
- Unproved Reserves 14
- Unproved Probable Reserves 15
- Unproved Possible Reserves 15
- Comparison of using different methods of calculating reserves 15
- Calculations to determine reserve values 17
- The volumetric method 17
- Decline curve analysis 17
- External factors affecting reserves 17
- 4. What are the oil reserves of the world? 19
- 5. Unconventional and Frontier Oil and Gas Sources 22
- 6. Oil Supply and Demand 24
- 7. Organisation of the Petroleum Exporting Countries (OPEC) 30
- 8. Oil Prices 37
- 9. Projected Oil Demand and Supply 44
- Short-term 44
- Mid-term 45
- Long-term 46
- 10. Oil Shale /Shale Oil 50
- Other Products 61
- 11. Economics of shale oil 63
- 12. Countries 66
- North America 71
- Canada 71
- USA 73
- Europe 82
- Estonia 82
- France 84
- Germany 85
- Serbia 87
- Sweden 87
- UK 90
- CIS 92
- Kazakhstan 92
- Russia 93
- Asia Pacific 95
- Australia 95
- China 100
- India 103
- Indonesia 105
- Mongolia 107
- Thailand 107
- Middle East 109
- Egypt 109
- Israel 111
- Jordan 113
- Morocco 116
- Syria 119
- Tunisia 120
- Turkey 120
- Africa 122
- Ethiopia 122
- Nigeria 122
- Central and South America 122
- Argentina 122
- Brazil 124
- Uruguay 126
- 13. Selected companies involved in the shale oil sector 127
- Independent/Small oil companies 127
- American Shale Oil LLC (AMSO) 127
- AuraSource 128
- Blue Ensign Technologies 129
- Boss Energy 130
- Entek 130
- Enefit 131
- EnShale (a subsidiary of Bullion Monarch Mining) 134
- EOG Resources 134
- Greenvale Mining NL 140
- Hom Tov 142
- Jordan Energy & Mining (JEML) 142
- Jordan Oil Shale Company (JOSCo) 143
- Israel Energy Initiatives (IEI) 143
- Kiviõli Keemiatööstus 144
- Mountain West Energy 144
- Natural Soda Holdings (a subsidiary of Natural Resources Corporation) 145
- Occidental Petroleum 145
- Oil Shale Exploration Company (OSEC), now part of Enefit 145
- Petsec Energy 145
- Queensland Energy Resources (QER) 145
- Rosetta Resources 146
- Red Leaf Resources 147
- San Leon Energy 147
- Shale Technologies 148
- Toreador Resources Corporation 148
- VKG Oil part of the Viru Keemia Grupp 151
- Xtract Energy 153
- Large, multinational oil companies 154
- Chevron 154
- ConocoPhillips 154
- ExxonMobil 154
- Marathon Oil Corporation 156
- Petrobras 162
- Shell 162
- Total 163
- 14. Enviroment 164
- 15. Sources 166
Tables
Table 4 1: Comparison of two sets of reported oil reserves for the top ten countries from the Oil and Gas Journal and the BP Statistical Review, billion barrels 20
Table 5 1: Frontier resources and unconventional oil and gas 22
Table 8 1: Oil prices 39
Table 10 1: Companies, production processes and project status 51
Table 10 2: Ex situ shale oil production technologies 53
Table 10 3: In situ shale oil processes 56
Table 12 1: Countries ranked by in place oil shale resources, million barrels 69
Table 12 2: US Technically Recoverable Shale Oil Resources Summary 76
Table 12 3: Comparison of US oil shale plays 78
Table 12 4: Enbridge and TransCanada’s planned Bakken shale oil projects 80
Table 12 5: ICHTHYOL-GESELLSCHAFT’s products derived from oil shale 86
Table 12 6: Significant resources of a variety of trace elements in the alum shales in Finland 89
Table 12 7: Oil shale resources in China 101
Table 12 8: ONHYM partnerships for oil shale in Morocco 119
Table 13 1: Eesti Energia’s oil shale experience in Estonia 131
Table 13 2: Enefit’s sales volumes of oil shale for 2009 and 2010 133
Table 13 3: Table: Participating interests in Greenvale’s oil shale projects 141
Figures
Figure 3 1: Annual backdated conventional oil discovery, conventional oil consumption and forecasted production and discovery 10
Figure 3 2: Proven global oil reserves, billion barrels, 1980 to 2010 11
Figure 3 3: R/P ratio for global oil reserves, years, 1980 to 2010 11
Figure 4 1: Conventional oil reserves, billion barrels, 2010 19
Figure 4 2: Top ten countries by oil reserves including oil sands, billion barrels, 2010 19
Figure 4 3: Oil reserves reported in the top ten countries by source of data, billion barrels 20
Figure 6 1: Oil production and consumption, thousand barrels per day per day, 1965 to 2010 24
Figure 6 2: Oil refining capacity, throughput and oil consumption and production, thousand barrels per day per day, 1965 to 2010 24
Figure 6 3: Top ten oil producing countries, thousand barrels per day per day, 2010 25
Figure 6 4: Non-OECD and OECD oil production and demand, thousand barrels per day per day, 2010 26
Figure 6 5: Oil production and consumption by region, thousand barrels per day per day, 2010 26
Figure 6 6: Top ten oil consuming countries, thousand barrels per day per day, 2010 27
Figure 7 1: Oil prices and key events, USD per barrels at 2010 prices, 1950 to 2010 30
Figure 7 2: Annual OPEC basket reference prices, USD per barrel, 1998 to 2011 31
Figure 7 3: Monthly OPEC basket reference prices, USD per barrel, September 2010 to October 2011 31
Figure 7 4: Member Countries’ Crude Oil Production Allocations, thousand barrels per day per day 32
Figure 7 5: OPEC countries share of proven crude oil reserves, end 2010, billion barrels 33
Figure 7 6: Oil production in thousand barrels per day and proven reserves in billion barrels in OPEC and major non-OPEC countries at the end of 2010 33
Figure 7 7: Proven oil reserves in North America and in Major European producing countries, billion barrels, 1980 to 2010 34
Figure 7 8: OPEC and non-OPEC cumulative crude oil production and net reserve additions, billion barrels, 2001 to 2010 35
Figure 7 9: Proven oil reserves by region, billion barrels, 1980 to 2010 35
Figure 8 1: Spot crude prices, USD per barrel, 1972 to 2010 37
Figure 8 2: Crude oil prices and events, USD 2010 per barrel, 1950 to 2010 37
Figure 8 3: Historical and projected WTI and Brent crude prices, USD per barrel, 1987 to 2025 40
Figure 8 4: Average IEA crude oil import price (annual data), USD per barrel, 1970 to 2030 40
Figure 8 5: Average annual world oil prices for the EIA’s three scenarios for oil prices, USD per barrel 2009, 1980-2035 41
Figure 8 6: Refining margins in US Gulf Coast (USGC), North West Europe (NWE – Rotterdam) and Singapore for different generic refinery configuration (cracking, hydrocracking or coking), USD per barrel, Q1 1992 to Q4 2010 42
Figure 8 7: Revenue from a litre of oil in the G7 countries, 2009, USD per litre 42
Figure 9 1: World oil demand and supply, million barrels per day, 2006 to 2012 44
Figure 9 2: OECD and non-OECD oil demand, million barrels per day, 2006 to 2012 44
Figure 9 3: OPEC and non-OPEC supply, million barrels per day, 2006 to 2012 45
Figure 9 4: Historical and projected growth in demand for oil in the OECD and non-OECD, million barrels per day, 1970 to 2030 45
Figure 9 5: Fuel share in total primary energy supply (TPES) in 2035 for the IEA’s Current Policy Scenario and 450 Policy Scenario 46
Figure 9 6: World primary energy demand by fuel in the IEA’s reference scenario, Mtoe, 1980 to 2030 47
Figure 9 7: Historical and projected OPEC and non-OPEC oil supply, million barrels per day, 1980 to 2040 48
Figure 9 8: Total liquids production by source in the EIA’s Reference case, 2000 to 2035 (million barrels per day) 48
Figure 10 1: Products that can be produced from oil shale in Jordan 62
Figure 11 1: Resources to Reserves – Production Cost Curve (including a carbon tax of USD 50 per tonne CO2 equivalent emissions), USD per barrel 63
Figure 11 2: Shale oil and crude oil production costs, USD per barrel 63
Figure 11 3: Production costs for conventional oil, shale oil and extra, USD 2008 per GJ 64
Figure 11 4: Historical and future Brent oil prices, USD per barrel, 1982 to 2026 64
Figure 12 1: Oil shale mined from deposits in Brazil, China, Estonia, Germany, Russia and Scotland, 1880 to 2000 66
Figure 12 2: Oil shale production in the three producing countries, thousand barrels per day per day 66
Figure 12 3: Estimated shale oil deposits worldwide 67
Figure 12 4: In place oil shale resources by region, billion barrels 68
Figure 12 5: Percentage reserves of oil shale at the country level 68
Figure 12 6: Top ten countries for in place oil shale resources, billion barrels 69
Figure 12 7: Green River Formation in the US 75
Figure 12 8: INTEK estimates of undeveloped technically recoverable shale oil resources remaining in discovered shale plays as of January 2009 76
Figure 12 9: Map of US shale gas and shale oil plays as of May 2011 76
Figure 12 10: 2010 2nd round nominations and 2007 leases for oil shale research, development and demonstration 160 acres and preference acreage 78
Figure 12 11: Companies with shale oil leases 79
Figure 12 12: Projected development of shale oil production in the US, million barrels of oil per day, 2005 to 2035 82
Figure 12 13: Baltic oil shale deposit 83
Figure 12 14: Estonia’s oil shale projects 83
Figure 12 15: Alum shale deposits in Sweden 88
Figure 12 16: Distribution of indicated shale oil resources in Australia 97
Figure 12 17: Occurrence of oil shale in Australia 98
Figure 12 18: Alberta Taciuk Process (ATP) 102
Figure 12 19: Location of oil shale deposits in Jordan 113
Figure 12 20: Location of oil shales in Morocco 116
Figure 12 21: Location map of the Cenomanian-Turonian oil shale deposits in Morocco with their depositional paleoenvironments 117
Figure 13 1: AMSO’s preference right area in the Piceance Basin in the Green River Formation 127
Figure 13 2: AMSO’s CCRTM (Conduction, Convection, Reflux) process for oil shale production 128
Figure 13 3: Rendall Process 129
Figure 13 4: Eesti Energia’s oil shale mines in Estonia 131
Figure 13 5: The production of electricity from oil shale 132
Figure 13 6: Enefit’s worldwide oil shale projects for oil and power production 132
Figure 13 7: EOG Resources’ acreage in the Bakken, Eagle Ford plays 135
Figure 13 8: Liquids (Crude Oil and Natural Gas Liquids) and Natural Gas weighting in the country’s revenue mix for North America 139
Figure 13 9: Greenvale Mining’s oil shale projects 140
Figure 13 10: Flow scheme for the ATP system and related facilities 142
Figure 13 11: ATP Processor Schematic 143
Figure 13 12: In-situ Vapour Extraction (IVE) 144
Figure 13 13: Paraho IITM vertical kiln 146
Figure 13 14: Rosetta Resources’ shale plays 146
Figure 13 15: San Leon Energy’s Tarfaya oil shale project 148
Figure 13 16: Toreador’s acreage in France 149
Figure 13 17: ZaZa Energy’s acreage in Texas 149
Figure 13 18: Toreador and ZaZa Energy’s plans for rig deployment, 2011 to 2013 150
Figure 13 19: ElectrofracTM 154
Figure 13 20: Conductive fractures (left) compared to wellbore heaters (right) 155
Figure 13 21: Post production flushing 155
Figure 13 22: Co-location of shale oil and tight gas production 156
Figure 13 23: Marathon Oil’s acreage in the Bakken shale play 157
Figure 13 24: Marathon Oil’s acreage in the Eagle Ford shale play 157
Figure 13 25: Marathon Oil’s acreage in the Niobrara shale play 158
Figure 13 26: Marathon Oil’s acreage in the Anadarko Woodford shale play 159
Figure 13 27: Marathon’s shale liquid plays in the US 160
Figure 13 28: Marathon Oil’s projected oil production, million barrels of oil per day, 2010 to 2016 161
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Prod. Code: NRGSHO1
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