With some analysts predicting the global price of oil to see another drop, many oil majors have deployed their parachutes and jumped from the hydraulic fracturing (“fracking”) projects rapidly nose-diving across the world.
As The Wall Street Journal recently reported, the unconvetional shale oil and gas boom is still predominantly U.S.-centric, likely to remain so for years to come.
“Chevron Corp., Exxon Mobil Corp. and Royal Dutch Shell PLC have packed up nearly all of their hydraulic fracturing wildcatting in Europe, Russia and China,” wrote The Wall Street Journal.
“Chevron halted its last European fracking operations in February when it pulled out of Romania. Shell said it is cutting world-wide shale spending by 30% in places including Turkey, Ukraine and Argentina. Exxon has pulled out of Poland and Hungary, and its German fracking operations are on hold.”
Though the fracking boom has taken off in the U.S. like no other place on Earth, the U.S. actually possesses less than 10 percent of the world’s estimated shale reserves, according to The Journal.
Despite this resource allotment discrepency, the U.S. Energy Information Administration (EIA) recently revealed that only four countries in the world have produced fracked oil or gas at a commercial-scale: the United States, Canada, China and Argentina.
Image Credit: U.S. Energy Information Administration