Rampant usage of fossil fuels in the past few decades has depleted the reserves significantly. Many oilfields have started to mature, coercing the market players to seek alternate sources of energy. Among all the unconventional energy sources, shale gas has gardened significant attention from across the globe. Moreover, global energy demands have been insurmountably high, incentivising many industry stakeholders to invest in novel sources of energy such as shale. The discovery of shale oil has been a major help to the global oil and gas industry. Industry stakeholders are actively working on improving oil exploration and extraction techniques to enhance efficiency. Techniques such as horizontal fracking are being employed as a means to ensure limited environmental damage and wastage of resources. The global shale gas market is expected to proliferate in such a business landscape.
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Shale Gas to Emerge as Leading Unconventional Energy Resource
Of late, shale gas production in some developed economies is estimated to reach a staggering 26.3 trillion cubic feet (TCF). Such estimations showcase that the global shale gas market is projected to exhibit robust growth across the forecast period. Among these, dry shale gas production is projected to be a major contributor to overall shale gas production. A significant portion of natural oil and gas wells are based on land along with some being drilled out of ocean floors. As the demand for alternate sources of energy soars rapidly amidst growing energy consumption, the global shale gas market is expected to stay fruitful in the study period.
Horizontal Fracking Technique to Mitigate Environmental Concerns and Reduce Leakage
Presently, all types of fossil fuel production face scrutiny from environmental agencies. The stakeholders in the global shale gas market are complying with environmental concerns by adopting the horizontal fracking technique. This technique is relatively low-cost and has minimal carbon breakdown. According to environmental agencies, fracking consists of digging a well vertically and enclosing it in steel and cement to prevent it from polluting the nearby groundwater supply. Vertical wells are the most common type of oil and gas wells and can go to depths up to 50-300 feet. Horizontal fracking is expected to facilitate long-term shale gas exploration activities.
North America to Dominate Shale Gas Market Owing to Abundance of Shale Reserves
As the region where some of the first major shale gas reserves were discovered, North America is the unprecedented leader of the shale gas market. The United States is the global leader in shale gas production. Economies such as Brazil, Argentina, China, and Canada are also contributing efforts to match the US in shale gas production capabilities. The presence of several shale gas market players in North America is facilitating robust investment and R&D activities. The recent discovery of fresh shale gas wells is projected to sustain the region’s dominance throughout the projection period.
Key Market Players
Some of the major players in the global shale gas market include Schlumberger’s, Energy Company, Chesapeake Energy Corporation, EQT Corporation, SINOPEC/Shs, Repsol SA, Exxon Mobil Corporation, Equinor ASA, Royal Dutch Shell PLC, Chevron Corporation, and PETROCHINA/Shs.
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