TROMSØ, NORWAY—The unconventional resource revolution underway in the U.S. is a “big story, a lot like ‘War and Peace,’” according to Greg Leveille, general manager for ConocoPhillips’ Unconventional Reservoir Technology Program. It was an interesting comparison to make in front of a room packed with climate change experts and policymakers in attendance for his presentation on Jan. 19 at the 2015 Arctic Frontiers conference.

“You might be wondering why it is that I’m here talking at an Arctic Frontiers conference when what’s happening in unconventional reservoirs is happening a long ways away,” said Leveille. “You've seen (with) the price of oil adjusting downwards by almost 50% that things that happen remotely can have a big impact.”

The story that Leveille shared covered how the combination of two old technologies—hydraulic fracturing and horizontal drilling—created a tool that is able to extract commercial rates of hydrocarbons from low permeability rocks and how that ability has generated significant benefits in three areas.

“The U.S. was once the largest oil producing country on the planet producing almost 10 million barrels of oil per day,” he said, adding that as the conventional oil and gas fields went into decline, it was thought that the country was “going to fade away into the night.” But that wasn’t the case.

“Around 2010 we learned to extract not only natural gas but also oil from unconventional reservoirs. It added over four million barrels of oil per day in just four years. This is the renaissance that is underway in America,” he said.

It is a renaissance that is generating significant benefits in the environment, economy and energy security. On the environmental front, Leveille noted on a slide that during the past half century, the population has increased 115% and energy use has increased 238%, with carbon dioxide emissions are up 199% and atmospheric CO2 up 24%. In addition, water and land use also have increased.

“In 2005 we reached a peak, and CO2 emissions have been falling and falling very rapidly since then,” he said. “In fact, CO2 emission levels are back at early 1990 levels. There are a lot of things driving this. There’s the use of renewables and conservation, which is absolutely critical. It turns out the single biggest driver is use of natural gas to generate power. With the increase in natural gas, a lot of coal production has been backed out.”

On a chart he showed data from the California State Polytechnic University that CO2 emissions associated with electricity generation for coal is 2,249 pounds of CO2/MWh of power. For natural gas, it is 1,135 pounds.

As for the energy security, he noted in a slide that U.S. net energy imports dropped from close to 30 quadrillion BTUs in 2005 to a low of 12 to 13 quadrillion BTUs in 2013.

“The turnaround in 2005, once again, that's natural gas. That’s oil production,” he said. “Chances are by the end of this decade we’ll probably be near zero if not the next quarter. We’re in a gigantic phase underway in energy security.”

According to Leveille, job creation, revitalization of the chemicals and manufacturing industries and the reduction in energy costs are just a few of the economic benefits that the unconventional resource revolution delivered to the U.S. economy.

Contact the author, Jennifer Presley, at jpresley@hartenergy.com.