A recent report by Markets and Markets says the global oil shale market is expected to be worth US$12.01 billion by 2015 and have enough reserves to surpass crude oil.

According to the report, current trends suggest the growing demand for energy is expected to exhaust the world’s crude oil reserves in another 40 years while global oil shale resources can supply more than 2.8 trillion barrels of nonrenewable energy – almost three times the capacity of crude oil reserves.

Though the “shale boom” got its start in the United States, over the past year the impact of shale gas has been felt around the world. This revolution in unconventional gas – dubbed “the quiet revolution” by some – has recently helped the US surpass Russia as the world’s largest natural gas producer and has kick started a move by oil giants to seek out shale plays in Europe for the purpose of exploiting its rich resources.

The result is the emergence of a new worldwide market, moving shale gas to the front of new energy sources.

“It’s becoming increasingly clear that the days of natural gas being solely a continental commodity dependent on the weather and economic fundamentals in one part of the world are coming to end,” said a recent article in the Calgary Herald. “The shale gas revolution [has] changed the landscape [of global oil and gas].”

SOURCES:
PR Hub: “Markets and Markets: Global Oil Shale Market Worth US$12.01 Billion by 2015″
Calgary Herald: “Gas market goes global”