Chris Faulkner, CEO of Breitling Energy Corporation discusses future Middle Eastern shale opportunities. In its 2013 World Energy Outlook, the International Energy Agency projects shale oil production will reach almost six million barrels per day (bpd) by 2030, about 6 per cent of global supplies.
By: Matthew Amlôt
Chris Faulkner, CEO of Breitling Energy Corporation
Three quarters of the estimated six million bpd will come from the US. Despite large resources identified elsewhere, the agency projects there will be only minor production from shale in Russia (450,000 bpd), Argentina (220,000 bpd) and China (210,000 bpd), and little elsewhere.
“America may have started the shale oil and gas boom, but other countries are paying attention and looking to us to see how they can engineer their own shale booms,” says Faulkner, CEO of Breitling Energy Corporation.
“We have the technology and the expertise and they’d be foolish to not take advantage of what the U.S. has learned to gain faster access to their own resources.”
Faulkner will be speaking at Basra Oil & Gas conference on 6 December, sharing his considerable knowledge and insights. He will also be in Dubai between 7 and 9 December, and speaking at MENA Shale 2013 in Abu Dhabi on December 10.
“What’s happening in the U.S. has definitely got the Middle East worried, and even looking at its own shale resources. The Gulf region, with its extensive shale reserves, has to seize the moment now and get comfortable with the idea of fracking to unlock those resources. Shale gas can help save the global environment from the ravages of coal while offering a cleaner bridge fuel until renewables can come up to speed. With an indigenous natural resource of this value and potential, policy-makers are duty-bound to have an energy security policy at the forefront of any conversation on fracking” added Faulkner.
“Thanks to fracking, the US should be energy self-sufficient within a decade. It’s on track to be a net exporter of petroleum products and crude oil for the first time in 62 years. By 2020 the US will become the largest producer of hydrocarbons in the world.”