Tight Oil Market - Global Industry Analysis and Future Growth Opportunities By 2024
Tight oil, popularly known as shale oil, has been providing stiff competition to crude oil and natural gas of late. This has roiled the global oil markets, with OPEC countries exponentially upping production of crude to address the challenge. This has resulted in a steep drop in global crude oil prices. As per the U.S. Energy Information Administration (EIA), the tight oil production is likely to more than double from 2015 to 2040 to reach a value of 10.36 mn barrels per day in 2040 from 4.98 mn barrels per day in 2015.
To study the global market for tight oil, a report by Transparency Market Research segments it on the basis of applications, technology, location of tight oil reserves, and the tight oil producing countries.
Tight oil is extracted by the hydraulic fracturing of sedimentary rocks. The process entails mixing liquid, usually water, with chemicals and sand which is then injected applying high pressure into the well. The high pressure breaks the non-permeable sedimentary rocks resulting in the outflow of the tight oil. Like crude oil, tight oil is refined to act as fuels and various chemicals. The main products include methane, heavy fuel oil, diesel, light fuel oil gasoline, naphtha, and tar, among others.
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Global Tight Oil Market: Trends and Opportunities
The TMR report furnishes a granular analysis of the drivers and restraints in the global market for tight oil. It finds that the growing number of applications, rising energy demand, and concerns about energy security are some of the primary factors filliping the global tight oil market. Yet another major growth driver in the market is the progress in exploration and production techniques that have resulted in reduced costs. The application of more effective hydraulic fracturing techniques and the use of multiwell-pad drilling, coupled with modifications in well completion designs, are expected to up the amount of oil extracted from a single well.
Factors countering the growth in the global tight oil market is the dearth of take-up of modern technology in emerging countries due to high capital requirements. Negative impact on the environment is also crimping the growth in the market.
Global Tight Oil Market: Region-wise Outlook
Geographically, the global tight oil market can be segmented into Europe, North America, Asia Pacific, and the Rest of the World. Most of the tight oil reserves in North America are present in the U.S., followed by Mexico and Canada. In Europe, Russia dominates and in Asia Pacific, China leads, with Pakistan, Indonesia, and Australia trailing it. In the Middle East and Africa, Libya and Argentina produce a sizeable proportion of tight oil. Venezuela follows them.
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Going forward, Canada, Russia, and Argentina, led by the U.S., are likely contribute most to the global tight oil market, due to their substantial oil resources and existing, developed oil industries. In the U.S., tight oil production has proven more resilient to low oil prices, defying analysts’ predictions. According to EIA, the U.S. contributes about 10.4% of total crude oil production out of which 4.3% -- which comes to around 3.22 mn barrels per day – is accounted for by tight oil.
Companies Mentioned in the Research Report:
To present an in-depth assessment of the competition prevailing in the global tight oil market, the report profiles companies such as Total S.A, Royal Dutch Shell Plc, Chevron Corporation, British Petroleum Plc, and others. The report throws light on their revenues, market shares, costs, manufacturing methods, geographical presence, and growth prospects.
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