Global Oil Shale Market:Large Deposits of Oil Shale in U.S. to Propel Market at 27.34% CAGR By 2022

Oil shale denotes any sedimentary rock that contains solid bituminous materials and kerogen. These rocks release petroleum-like liquids upon heating through the chemical process. Volatile prices of crude oil have made governments and industries explore the commercial viability of oil shale-based oil production.

It is estimated that the global oil shale market will grow at a CAGR of 27.34% during the period from 2014 to 2022. The overall market generated revenue totaling US$1,134.60 million in 2013. With oil shale emerging as an alternative to conventional oil, revenue generated from the global oil shale market will reach US$7,400.70 million by 2022.

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Negative Environmental Impact of Mining Shale Oil to Restrain Global Oil Shale Market

Though oil shale is found in many places across the world, the largest deposits of oil shale are found in the U.S. in the Green River Formation, which covers parts of Utah, Colorado, and Wyoming. It is estimated that around 1.2 to 1.8 trillion barrels of shale oil is present in the Green River Formation range. The abundance of oil shale reserves with economic and non-economic benefits has driven the global oil shale market. Assurance of energy security to the countries lacking oil shale reserves has further propelled the overall market.

However, the relatively high cost of producing oil from oil shale has hindered ongoing oil shale mining activities. Mining and processing of oil shale also impacts the environment negatively. Disturbance of mined land, disposal of spent shale, use of water resources, greenhouse gas emissions, and negative impacts on air and water due to oil shale mining will negatively impact the global oil shale market.

The overall market has a huge opportunity to grow in the coming years with the commercialization of in-situ technology. Better technologies for the extraction of oil shale are expected to bring down the cost of oil shale. With the introduction of new technologies such as Red Leaf Resources’ In-Capsule Technology and Petrosix Technology, and new mining processes such as Kiviter process, Galoter process, and Fushun process, the price of oil shale is expected to reduce considerably.

Ex-situ Mining Process Yet to Achieve Commercial Viability

On the basis of mining processes, the global oil shale market has been classified into in-situ process or underground mining, and ex-situ process or surface mining. After mining, the oil shale is transported for retorting, which separates the oil fractions of oil shale from the mineral fraction. The present technologies involved in ex-situ retorting have not been commercially viable so far.

The global oil shale market has been divided into three major application segments: upgraded (diesel, kerosene, and jet fuels), non-upgraded (fuel oil), and electricity. Estonia is one of the major producers of electricity from oil shale. China are Jordan are also focusing to start oil shale power plants.

The global oil shale market has been divided into five key regions: Asia Pacific, Latin America, Europe, the Middle East and Africa, and North America. The large deposits of oil shale in the U.S. have led to the region’s substantial contribution towards the overall market.

Some of the key players in the global oil shale market are Chevron Corporation, BNK Petroleum Inc., Red Leaf Resources Inc., and Global Oil Shale Group Limited.

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