Global Fracking On The Horizon; UK Lifts The Ban; Fracking Should Begin In Britain Next Year
Bloomberg is reporting:
The hydraulic fracturing of shale in
search of oil and gas has hardly started outside the U.S., but
that’s changing.
A record 400 shale wells may be drilled beyond U.S. borders
in 2014, with most in China and Russia, according to energy
consultants Wood Mackenzie Ltd. While that’s a fraction of the
thousands of shale wells drilled in the U.S., the number of rigs
used onshore in Europe and the Asia-Pacific region has increased
10 percent over the past year, data compiled by oil services
company Baker Hughes Inc. show. Most of those rigs are meant for
shale, Bloomberg Businessweek reports in its Nov. 18 issue.
Fracking in the U.K. will start next year, after the
government lifted an 18-month moratorium imposed when a drilling
company found it had accidentally caused earthquakes. Two
utilities -- Centrica Plc of Britain and GDF Suez of France -
- have bought stakes in the country’s drilling licenses to help
bankroll the drillers and win a cut of any profit.
Natural gas:
China has the largest shale gas reserves, estimated at
1,115 trillion cubic feet, followed by Argentina at 802 trillion
cubic feet. In shale oil, Russia tops the list with about 75
billion barrels, according to a report by the U.S. Energy
Information Administration. Australia, Poland, and Algeria all
have big potential.
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