Global research company IHS released a new study yesterday about the huge supply of oil (yes, oil) that now exists worldwide because of shale. Oil retrieved from shale deposits is referred to as “tight oil” and according to IHS, the world apart from North America has nearly 300 billion (with a “b”) barrels of tight oil available–if they have the will to get it. In order to get it, they’ll have to frack for it. For perspective, the U.S., the biggest oil consumer in the world, consumed 6.7 billion barrels of oil for all of 2012 (according to EIA statistics).
The new IHS study is titled Going Global: Predicting the Next Tight Oil Revolution. Unfortunately we could not get our hands on a copy to review. However, we were able to find a chart reportedly from the study which shows how big the deposits of tight oil are by region (see our Pinterest images on the right side of any MDN web page). The surprise for us: The biggest potential non-U.S. source of tight oil is Africa…
