Press release
Oil Shale Market Gains Momentum, Set to Hit $5.9 Billion by 2030
Oil shale is an organic-rich rock, which contains a solid mixture of organic chemical compounds known as kerosene. From these organic compounds, liquid hydrocarbons, such as shale oil, are produced. Oil shale is a substitute for conventional crude oil and is increasingly used, owing to its low cost of extraction.
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North America registered the highest market share and is projected to maintain the same during the forecast period due to numerous factors such as large proved reserves, new applications of hydraulic fracturing technology, and horizontal drilling & development of new sources of oil shale.
The key players operating and profiled in the oil shale market report include Southwestern Energy Company, EQT Corporation, Equinor ASA, Repsol SA, SINOPEC/Shs, Chesapeake Energy Corporation, Royal Dutch Shell PLC, Exxon Mobil Corporation, Chevron Corporation, and PETROCHINA/Shs.
As per the 2016 estimate, the global deposits of the total world resources of oil shale are an equivalent of 6.05 trillion barrels of oil.
Industries utilize oil shale as a fuel for thermal power-plants to drive steam turbines.
Oil shale serves in the production of specialty carbon fibers, carbon black, adsorbent carbons, resins, phenols, tanning agents, road bitumen, and soil-additives. The growth in use of oil shale across various industries drives the oil shale market.
The demand for energy continues to grow, the oil & energy sector is anticipated to keep looking for alternative ways to produce energy.
One such alternative way is oil shale however, rising awareness about the environment elevates the new methods of exploring fuel and the process of oil shale is also more flexible than traditional methods of oil extraction.
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The flexibility of extraction method may act as the major driving factor for the oil shale market growth
Composition and Formation
Kerogen: The primary component of oil shale, kerogen is a complex mixture of organic molecules formed from the remains of ancient marine organisms.
Formation: Oil shale is formed from the accumulation of organic-rich sediments in anoxic (low-oxygen) environments, often in shallow seas or lakes. Over millions of years, heat and pressure transform these sediments into oil shale.
Extraction Methods
Retorting: This process involves heating oil shale to high temperatures (around 500°C) to convert kerogen into liquid hydrocarbons. The oil produced is known as shale oil.
In-Situ Conversion: A newer technique that involves heating the shale underground to extract oil without mining. This method is less disruptive to the surface environment.
Depending on product, the market is categorized into shale gasoline, shale diesel, kerosene, and others. The shale gasoline segment emerged as the global leader in 2020 and is anticipated to be the largest market during the forecast period.
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On the basis of technology, it is classified into in-situ technology and ex-situ technology. The in-situ segment emerged as the global leader in 2020 and is anticipated to be the largest market during the forecast period.
By process, it is categorized into oil shale exploration, ore preparation, oil shale retortion, and shale oil refining & specialty services. Oil shale exploration segment emerged as the global leader in 2020 and is anticipated to be the largest market during the forecast period.
On the basis of application, it is divided into fuel, electricity, and cement & chemicals. Fuel segment emerged as the global leader in 2020 and is anticipated to be the largest market during the forecast period.
Advantages
Abundant Resource: Oil shale deposits are found in many countries, including the United States, China, and Brazil, offering a significant potential energy source.
Energy Security: Development of oil shale resources can reduce dependence on imported oil and enhance national energy security.
Economic Opportunities: The extraction and processing of oil shale can create jobs and stimulate local economies.
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Conclusion
Oil shale presents a significant opportunity for energy production, especially as the world looks for alternatives to conventional fossil fuels. However, the environmental impacts and economic challenges associated with its extraction and processing must be carefully managed. As technology advances, more efficient and environmentally friendly methods for harnessing this resource may emerge, making oil shale a more viable option in the global energy landscape.
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