"The world’s energy landscape has been split for decades between the haves – Saudi Arabia, Venezuela, Russia – and the have nots. Emerging markets had the oil and gas, by and large, and developed nations bought it off them.
So how does the new shale energy landscape shape up? The US may have decreased its reliance on oil from the Middle East thanks to shale but what of the rest of the world? Numbers out this week from the US Energy Information Administration shows that although developed countries may be dreaming of energy self-sufficiency, the reality is quite different.
The EIA’s new report on shale oil and gas covers 41 countries, up from 32 in its 2011 report. It has upped its worldwide estimate of technically recoverable resources of shale oil by over 10 times, from 32bn barrels to 345bn barrels, while its estimate of shale gas has increased by 10 per cent, from 6,622tn cubic feet to 7,299tn cu ft."
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