Only one in five global shale regions may succeed in producing significant amounts of oil and gas as countries from China to Argentina seek to emulate the U.S. boom, said energy consultants Wood Mackenzie Ltd.
Turkish Prime Minister Recep Tayyip Erdogan has been embroiled in a corruption scandal that helped send the country’s currency to an all-time low. It hasn’t discouraged foreign oil companies eyeing the country’s shale gas reserves.
South Africa will make sure its population benefits when it develops its shale gas and offshore oil industries and won’t repeat the errors it made with mining, said Zweli Mkhize, treasurer of the ruling party.
Improved drilling techniques will help oil production in the Williston Basin outpace steep well- decline rates, boosting output by more than 70 percent to 1.7 million barrels a day by 2020, according to Wood Mackenzie Ltd. energy analysts.
America’s emergency stockpile of oil stands twice as large as the amount required by an international pact. George Soros has proposed selling some now to punish Russian President Vladimir Putin -- and U.S. lawmakers are starting to listen.
Europe’s biggest wave of refinery shutdowns since the 1980s will probably last through the end of the decade, deepening nations’ dependence on imports, according to the U.K.’s biggest buyer of automotive fuels.