Chevron Bets Big On Australian Shale Given Asian Demand
Quick Take Australia has up to 6% of the world’s recoverable shale gas, most of it undeveloped Increasing demand in the Asia Pacific region is prompting companies such as Chevron to develop Australia’s gas reserves Chevron has already set up its base in conventional gas sources and is now expanding to shale gas reserves in Australia Australian gas projects are a key factor in the company’s target of increasing gas production by 20% by 2017 Domestic natural gas production in the United States has surged by as much as 20% over the last five years. According to BP’s Energy Outlook, the United States’ shale-based oil and gas reserves will allow the country to become self-sufficient in energy by 2030. Australia is another region that boasts of significant shale gas resources. According to a 2011 estimate by the U.S. Energy Information Administration, the country holds 396 trillion cubic feet of technically recoverable shale gas – around 6% of the world’s total. Unlike the United States, Australia’s reserves haven’t been tapped in a big way yet, but that is set to change with oil and gas majors like Chevron beginning to place big bets on the country.