IHS Study: Worldwide Shale Oil Deposits are Huge
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…
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In 2011 Cornell professors Robert Howarth and Anthony (Tony) Ingraffea published a study that claimed drilling for natural gas is actually worse than burning coal because extracting natural gas leads to high levels of “fugitive methane” escaping into the atmosphere and contributing to global warming (see
In March, MDN told you about the Shale Gas Roundtable, a group of high level participants from industry, government and academe organized and run by the University of Pittsburgh’s Institute on Politics (see
Anti-drillers are nervous that one of the big-money spigots for funding their so-called research into the dangers of fracking is about to be shut off. In a developing soap opera, the “longtime head” of environmental grant making for the Heinz Endowments, Caren Glotfelty, has been shown the door. A number of anti-drilling studies have been funded by Glotfelty during her tenure at Heinz. Bobby Vagt, president of Heinz Enowments, will fill in for Glotfelty until a replacement is found. Vagt, you may recall, is involved with the Center for Sustainable Shale Development (see