Global Shale Revolution: Successes, Challenges, and Prospects

Valery Salygin, Igbal Guliev, Natalia Chernysheva, Elizaveta Sokolova, Natalya Toropova and Larisa Egorova
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Valery Salygin: Moscow State Institute of International Relations (University) of the Ministry of Foreign Affairs of the Russian Federation, Moscow 119454, Russia
Igbal Guliev: Moscow State Institute of International Relations (University) of the Ministry of Foreign Affairs of the Russian Federation, Moscow 119454, Russia
Natalia Chernysheva: Moscow State Institute of International Relations (University) of the Ministry of Foreign Affairs of the Russian Federation, Moscow 119454, Russia
Elizaveta Sokolova: Department of World Economy and World Finance, Financial University under the Government of the Russian Federation, Moscow 125993, Russia
Natalya Toropova: Department of World Economy and World Finance, Financial University under the Government of the Russian Federation, Moscow 125993, Russia
Larisa Egorova: Department of World Economy and World Finance, Financial University under the Government of the Russian Federation, Moscow 125993, Russia

Sustainability, 2019, vol. 11, issue 6, 1-18

Abstract: This study reveals the current problems and prospects of developing shale oil and gas industries in the USA, Canada, Mexico, Poland, Russia, China, India, and Australia. This approach allows a comprehensive and wide view on the industry and its geography. A brief review of the technologies implemented in the shale industry is provided. The key aim of the paper is to compare the hydrocarbon market conjuncture and economic environment (including financial), in the above-mentioned states, in order to reveal the factors contributing to the development of the industry. The methodology is based on the statistical estimation of the extraction, exports, and reserves of extractable shale hydrocarbons. The analysis given allows the forecast and estimation of the economic effects and external institutional effects of shale hydrocarbon extraction. It also contributes to the evaluation of the prospects of shale industry development in America, the EU, Russia, and the Asia-Pacific region. In accordance with the overall impact the shale revolution has had on the economies, environmental conditions, and societies of the chosen countries, recommendations are provided. The authors develop three scenarios for the future of the shale industry. The most probable scenario is a slower dissemination of horizontal drilling, as well as tight oil and shale gas extraction, with the decline of conventional reserve volumes.

Keywords: shale revolution; shale oil and gas; horizontal drilling; economy; ecology (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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