According to a new IHS report, more than 170 mature oil plays worldwide have the potential from horizontal drilling and hydraulic fracturing to produce as much as 141 billion barrels of oil.
The underexplored Great Australian Bight off the coast of South Australia remains high on BP’s agenda with the supermajor taking the chance to talk up the opportunities of the frontier basin at the Appea conference and exhibition.
While the company is dedicated to Alaska offshore projects, it is also focused on the Permain, western Canada and the Utica Shale. ‘They are large enough to matter to a company the size of Shell,’ Odum says.
With Australia on its way to becoming a LNG force, Peter Coleman said the challenge for Australian LNG was the ability to shift from a project constructor and builder to a LNG “trader, marketer and producer.”
Shale is not the only area hurting from lower oil prices, analysts say. Deep water, Arctic and Canadian oil sands projects also are being impacted.