Time will tell but the idea that America’s O&G industry has ‘overfracked and over drilled’ is consistent with those suffering from the industry’s actions today. We have only seen the tip of the proverbial iceberg. Fracking is not a panacea mitigating against energy scarcity.
The United States’ oil and gas industry has “over-fracked and over-drilled”, according to Matthias Bichsel, projects and technology director at Royal Dutch Shell Plc.
[np_storybar title=”U.S. overtakes Saudi Arabia to become world’s top oil producer amid second biggest oil boom in history” link=”http://business.financialpost.com/2013/10/16/us-oil-saudi-arabia/?__lsa=8c4c-6c28″]The United States has overtaken Saudi Arabia to become the world’s biggest oil producer as the jump in output from shale plays has led to the second biggest oil boom in history, according to leading U.S. energy consultancy PIRA.
“The reservoirs don’t need that many wells. The reservoirs don’t need that many stages of fracks, because not all the pieces of the rocks are as good,” Mr. Bichsel said in a telephone interview from Vancouver last week, where he was speaking at a company event.
The United States is on course to become the world’s largest oil supplier, according to PIRA Energy Group, a New York-based…
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