John Watson, the chief executive of one of the world's leading energy firms Chevron (NYSE:CVX) has recently said, while speaking at the Center for Strategic and International Studies in Washington, that while there are enormous resources of shale oil and gas available throughout the world, it will take considerable time, even decades, before they are developed.
The US Energy Information Administration's (EIA) recent estimates have shown that globally there are 345 billion barrels of oil and 7,299 trillion cubic feet of gas, technically recoverable unproven shale resources. While we have abundant information about the total reserves in the U.S and Western Canada that can be exploited using existing technology, very little is known about South America or Eastern Europe . . . . Read more