North America Shale Oil Market 2016-2026 Shares, Trend and Growth Report
Oil shale contains organic matter which is converted into synthetic oil by pyrolysis and hydrogenation or thermal dissolution. U.S. have the largest proved shale oil reserve followed by Russia. Despite of high production cost and low market price of oil, shale oil market accounted for more than 50% of total oil market in the U.S. in 2015. U.S. is the largest consumer and a major importer of oil. Presently, around 35% of total US energy demands are fulfilled by petroleum products. In the U.S. from Jan 2016- July 2016, total imports of crude oil have increased significantly. To fulfill its growing energy demand, the U.S. is majorly dependent on Canada and OPEC. Canada’s energy demand have been constant but production has increased to meet US oil consumption.
Oil shale contains organic matter which is converted into synthetic oil by pyrolysis and hydrogenation or thermal dissolution. U.S. have the largest proved shale oil reserve followed by Russia. Despite of high production cost and low market price of oil, shale oil market accounted for more than 50% of total oil market in the U.S. in 2015. U.S. is the largest consumer and a major importer of oil. Presently, around 35% of total US energy demands are fulfilled by petroleum products. In the U.S. from Jan 2016- July 2016, total imports of crude oil have increased significantly. To fulfill its growing energy demand, the U.S. is majorly dependent on Canada and OPEC. Canada’s energy demand have been constant but production has increased to meet US oil consumption.
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<strong>North</strong> <strong>America</strong> <strong>Shale</strong><br />
<strong>Oil</strong> <strong>Market</strong><br />
Share, Global <strong>Trend</strong>s,<br />
Analysis, Research, <strong>Report</strong>,<br />
Opportunities,<br />
Segmentation <strong>and</strong> Forecast,<br />
<strong>2016</strong> – <strong>2026</strong><br />
Future <strong>Market</strong> Insights<br />
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Reserves: U.S. have significant proved shale oil reserves. Since 2010, there have been a regular increase in<br />
proved oil reserves. Presently the largest proved recoverable shale formation is the Monterey play in<br />
southern California (USA). The next largest recoverable shale oil plays are in Eagle Ford <strong>and</strong> Bakken. Green<br />
River Formation in Colorado, Wyoming, <strong>and</strong> Utah, are among the biggest oil shale deposits in the world. But<br />
these deposits are not economically recoverable with current technology.<br />
<strong>Report</strong> Description<br />
<strong>Oil</strong> shale contains organic matter which is converted into synthetic oil by pyrolysis <strong>and</strong> hydrogenation or<br />
thermal dissolution. U.S. have the largest proved shale oil reserve followed by Russia. Despite of high<br />
production cost <strong>and</strong> low market price of oil, shale oil market accounted for more than 50% of total oil market<br />
in the U.S. in 2015. U.S. is the largest consumer <strong>and</strong> a major importer of oil. Presently, around 35% of total<br />
US energy dem<strong>and</strong>s are fulfilled by petroleum products. In the U.S. from Jan <strong>2016</strong>- July <strong>2016</strong>, total imports of<br />
crude oil have increased significantly. To fulfill its growing energy dem<strong>and</strong>, the U.S. is majorly dependent on<br />
Canada <strong>and</strong> OPEC. Canada’s energy dem<strong>and</strong> have been constant but production has increased to meet US oil<br />
consumption.<br />
In Nov 2014, OPEC reduced its oil prices <strong>and</strong> increased its production to discourage shale oil manufacturers<br />
of world, this resulted production freeze among shale producers. This caused a major setback for world shale<br />
oil market. This also drastically increased the number of drilled out uncompleted wells (DUCs). These reasons<br />
forced <strong>America</strong>n oil companies to become innovative <strong>and</strong> efficient. Now, <strong>Oil</strong> companies are cutting their<br />
production cost, deploying efficient oil rigs <strong>and</strong> increasing their production. Since July <strong>2016</strong>, there has been<br />
20% increase in oil rig counts. <strong>Oil</strong> producers have also increased their exports to India. These trends are<br />
declaring the redemption of U.S. shale oil. <strong>Shale</strong> oil market is expected to gain momentum from mid-2017.<br />
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<strong>Report</strong> Description<br />
In Canada, Bakken (stretches across southern Saskatchewan to Manitoba) <strong>and</strong> Cardium formation in Alberta<br />
are two shale oil plays.<br />
<strong>North</strong> <strong>America</strong> shale oil market: Drivers<br />
Energy requirement for U.S. in increasing <strong>and</strong> new environmental reforms are limiting the use of coal as an<br />
energy source. This has increased energy dependency on petroleum <strong>and</strong> natural gas. In 2015, there was<br />
about 3% rise in energy fulfilled by petroleum based products in USA. Efficient working of shale oil producers<br />
<strong>and</strong> growing world energy dem<strong>and</strong> are major drivers for shale oil market. Moreover U.S. oil imports are<br />
causing cash flow towards Middle East. Government are developing reforms to help shale oil <strong>and</strong> gas<br />
producers within the region. Technological advancements in drilling techniques are increasing the number of<br />
recoverable oil reserves.<br />
<strong>North</strong> <strong>America</strong> shale oil market: Restraints<br />
OPEC is over supplying the oil market <strong>and</strong> keeping its price low. OPEC produces oil for about $10 per barrel<br />
whereas shale oil costs around $25 a barrel. This has caused many smaller shale oil producers to cut down<br />
productions. This has created intense price pressure in the international market.<br />
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<strong>Report</strong> Description<br />
<strong>North</strong> <strong>America</strong> shale oil market: Segmentation<br />
• <strong>Market</strong> segmentation based on oil producing major shale play-<br />
• U.S. of <strong>America</strong><br />
• Bakken<br />
• Eagle Ford<br />
• Marcellus<br />
• Permian<br />
• Utica<br />
• Haynesville<br />
• Niobrara<br />
• Canada<br />
• Bakken<br />
• Alberta<br />
• <strong>Market</strong> segmentation based on method of extraction used-<br />
• Surface method(Ex-situ or conventional method)<br />
• Open pit mining<br />
• Underground mining<br />
• In-situ method<br />
• Vertical drilling <strong>and</strong> retorting<br />
• Horizontal drilling <strong>and</strong> retorting
<strong>Report</strong> Description<br />
• <strong>Market</strong> segmentation on the based on application industries<br />
• Residential sector<br />
• Commercial sector<br />
• Industrial sector<br />
• Transportation sector<br />
<strong>North</strong> <strong>America</strong> shale oil market: Key Players<br />
U.S.<br />
Apache Corporation, Chevron Corporation, ConocoPhillips Co, Continental Resources Inc, Hess<br />
Corporation, Koch Industries Inc, Linn Energy, LLC, Marathon <strong>Oil</strong> Corporation, Murphy <strong>Oil</strong><br />
Corporation, Newfield Exploration Company, Occidental Petroleum Corporation (Oxy), Pioneer<br />
Natural Resources Company, Range Resources Corporation, Shell <strong>Oil</strong> Company, SM Energy<br />
Company, Whiting Petroleum Corporation, WPX Energy, Inc., Denbury Resources Inc, EOG<br />
Resources, Devon Energy, ExxonMobil, Chesapeake, Energy, EQT<br />
Canada<br />
Husky Energy Inc., Imperial <strong>Oil</strong> Limited, Pacific Exploration <strong>and</strong> Production, Suncor Energy,<br />
Canadian Natural Resources Limited, Syncrude, Cenovus<br />
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