Thursday, June 7, 2012

Russian Oil Shale Boom Too?

The tight shale oil formation in the Bazhenov formation in Western Siberia may contain 80 times as much shale oil as the Bakken formation in North Dakota.  The Bakken is estimated to contain 45 billion barrels of recoverable oil.  The article excerpted and linked below includes details.

The Russian formation is further estimated to contain a thousand trillion cubic feet of natural gas as well.

The existence of the formation and the oil in the tight shale formations has been known for years.  It is advances in fracking technologies that have unlocked the shale oil and enabled its production.  The enormous find is a further reminder that oil and gas resources will remain the fuel of choice for the foreseeable future.

There will be no political or environmental factors to block development of the Russian oil and gas resources. 
Those concerned about the climate and air and water pollution effects oil and natural gas will have to hope for development of some other energy breakthrough as the economics and political interests are in line for this to be developed. Only radically cheaper nuclear fission, new nuclear fusion or some other lower cost energy will shift development from this energy. 
The BILLIONS of people around the world who are scrambling the economic ladder and trying to escape the clutches of poverty are not going to ignore the availability of cheap, abundant energy.  They will demand it.  Buy it and burn it.  As I have argued before, we must be prepared to leverage IPD and BIM to ensure responsible development of these resources.

Link to article

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