Shale oil “to boost world economy”

Oil and gas jobsThe BBC have reported that Shale oil production could boost the world economy by up to $2.7tn (£1.7tn) by 2035, according to a report.

The report said that the boost would be due to significantly lower oil prices as the world taps into the energy held in shale rock, cutting costs faced by businesses and consumers. Shale oil production could surge to 14 million barrels per day, or as much as 12% of total oil output from around 1 percent now.

Shale oil and gas have emerged as a viable way to boost energy supplies. However, there are concerns over the process by which the gas is extracted, known as fracking. It has been linked to minor earthquakes, and there are concerns about its impact on the environment.

 

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Shell Profits Allow For New Projects

The BBC has reported that oil and gas giant Shell recorded a 77% rise in profits in the second quarter of 2011.

The $8 billion profit is roughly double that of the same period in 2010, with the company attributing this to sales of assets in the first half of the year, amounting to $4 billion.

The sales were said to be a “key driver” in the reduction of costs and improvement of operating performance throughout the business. Shell has disclosed that production is down in the second quarter, though it also said that three large scale projects are beginning, increasing European imports and hopefully creating jobs. Chief Executive Peter Voser says that the “new projects should drive [Shell’s] financial performance in the coming quarters.”

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Scottish Oil Discovery Boosts Shares in Faroe and Dana

Shares in Faroe Petroleum (FPM) and Dana Petroleum (DMX) have enjoyed a boost of 6.3 percent to their share price after the Atlantic Margin, North Sea and Norway-focused explorer announced an oil discovery at the Tornado exploration project, west of Shetland. The well discovered oil and gas in Tertiary reservoir sandstones, and data collection is currently ongoing. As a result, Dana Petroleum saw its shares rise by almost 3%, whilst shares in Faroe Petroleum got a 6% boost. Dana’s chief executive, Tom Cross, stated: “The discovery of hydrocarbons at Tornado is an important result as it lies in an area of the UK Continental Shelf where Dana and Faroe Petroleum have very strong positions as the key independents. We look forward to the sidetrack well to determine the ultimate size of this new field.” This indicates that the discovery may open up a new area for the duo with the potential to create many new jobs in the oil and gas industry in Scotland. To view our current job vacancies in Scotland, please click here.

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