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. As per the 2016 estimate, the global deposits of the total world resources of oil shale are equivalent of 6.05 trillion barrels of oil. Industries utilize oil shale as a fuel for thermal power-plants to drive steam turbines. In addition, 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 global oil shale market size was valued at $2.8 billion in 2020, and the global oil shale market forecast projected to reach $5.9 billion by 2030, with global Oil shale market forecast expected at a CAGR of 7.7% from 2021 to 2030.
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The oil shale market is segmented on the basis of product,
technology, process, application and region. Depending on product, the market
is categorized into shale gasoline, shale diesel, kerosene, and others. On the
basis of technology, it is classified into in-situ technology and ex-situ
technology. By process, it is categorized into oil shale exploration, ore
preparation, oil shale retortion, and shale oil refining & specialty
services. On the basis of application, it is divided into fuel, electricity, and
cement & chemicals. Region wise, it is analyzed across North America,
Europe, Asia-Pacific, and LAMEA.
The global oil shale market analysis covers in-depth
information about the major industry participants. The key players operating
and profiled in the 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.
The global oil shale industry is analyzed and estimated in
accordance with the impacts of the drivers, restraints, and opportunities. The
period studied in this report is 2020–2030. The report includes the study of
the market with respect to the growth prospects and restraints based on the
regional analysis. The study includes Porter’s five forces analysis of the
industry to determine the impact of suppliers, competitors, new entrants,
substitutes, and buyers on the market growth.
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Impact Of Covid-19 On The Global Oil Shale Market
- The
emergence of COVID-19 has coincided with a core oil market management
dispute. That dispute mainly involves the market shares commanded by Saudi
Arabia (the largest sovereign producer among the OPEC membership) and
Russia which, along with Mexico and occasionally Norway, has cooperated
with OPEC as “OPEC+”. Oil market management disputes inevitably result in
lower prices, and so the global oil industry now finds itself reeling from
the combined effects of OPEC+ disarray and ultra-low global demand caused
by the pandemic. With all the calculation of OPEC and OPEC+ issue,
global demand issue, and oversupply scenario, the demand and price of oil
shale is negatively impacted.
- U.S.
shale oil & gas demand plummeted, prices collapsed, and bankruptcies
were announced at exceptional rates due to the uncertainties in crude oil
and natural gas prices, Break-Even (BE) prices for fracking operations,
financial &technical constraints within the industry, global
hydrocarbon demand development, political ®ulatory factors in the U.S.,
and environmental &societal sustainability, which in turn show the
negative demand on oil shale market.
- U.S.
shale industry registered net negative free cash flows of $300 billion,
impaired more than $450 billion of invested capital, and saw more than 190
bankruptcies since 2010. However, there is negative impact on global oil
shale market.
- The
world began locking down its economies, which brought oil and gas prices
historically low as demand crashed. This meant that investment in LNG
production and export facilities became less attractive. With demand in
freefall, U.S. producers began questioning their investment timescales for
new LNG export projects. Final investment decisions have been delayed on
seven U.S. LNG projects, representing around 14 billion cubic feet per day
of potential capacity.
- The
decline was widespread, with record downfall in both OECD (-4.8%) and
non-OECD (-3.9%) countries. The U.S. (the world’s 2nd-largest energy
producer), saw a decline of 5.3%, the largest decline in the world last
year, and the largest domestic decline on record. Production of all
fossil fuels, nuclear power, and biofuels declined.
- The
price effects of the economic slowdown following the COVID-19 pandemic
contributed to reductions in U.S. petroleum and natural gas reserves in
2020. Proved reserves of crude oil and lease condensate decreased by 9
billion barrels in 2020, a decline of 19%, and proved reserves of natural
gas decreased by just over 22 trillion cubic feet (TCF), a decline of 4%.
- Petroleum
demand, which was largely inelastic—changing by one to three percent
annually—slumped by more than 30 MMbbl/d in April. Lockdowns of several
nations across the world caused drastic changes in the crude oil market.
Oil prices decisively broke the new normal of $50–60/bbl, with West Texas
Intermediate (WTI) May futures prices falling even below zero (-$37/ bbl)
owing to low liquidity and limited available storage. Although the
sub-zero price was a temporary dislocation, this intense volatility highlights
the fragile state of the industry.
- According
to the Organization for Economic Co-operation and Development (OECD), a
surge in the price of crude oil began during the lockdown, due to
extensive supply and less demand, which increased the production of
electricity. However, there is no impact of COVID-19 on the oil shale
market due to the extensive production of oil.
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Key findings of the study
- On the
basis of product, the shale gasoline segment emerged as the global leader
in 2020 and is anticipated to be the largest market during the forecast
period.
- Depending
on technology, the in-situ segment emerged as the global leader in 2020
and is anticipated to be the largest market during the forecast period.
- According
to process, oil shale exploration segment emerged as the global leader in
2020 and is anticipated to be the largest market during the forecast
period.
- As per
application, fuel segment emerged as the global leader in 2020 and is
anticipated to be the largest market during the forecast period.
- Region
wise, North America registered the highest market share and is projected
to maintain the same during the forecast period
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