Study: Huge Tight Oil Potential Outside N. America

The potential for gain from tight oil outside of North America is at least double, and 23 other locations have far better geology. Reasons related to governmental restrictions, as well as a lack of skilled labor in the regions which are under consideration is sure to slow the progress of development. Tight oil and shale gas both utilize similar methods such as hydraulic fracturing (breaking up the rock by highly pressurized water) and horizontal drilling (exactly what it says on the tin). 23 of 148 possible development areas which were analyzed are highly recoverable, while the large majority of the areas which were surveyed are not accessible to oil recovery development and/or do not contain enough oil reserves to be worth their while. Within North America, up to 43 billion barrels have been estimated for potentially recoverable oil. This estimate, that there are at least twice that number of barrels found in extra-North American sources, is a conservative estimate, and there is the potential for far more barrels of oil to be recovered. There are other geological areas in the list such as Europe, the Middle East, Asia, and Australia. One of the hottest spots on the list is the Vaca Muerta formation in Argentina.

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