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Technological innovations are driving the shale oil production in US
NEW YORK, NY, UNITED STATES - Sep 23, 2014 - Mumbai, India - September 15, 2014 - Various technological advancements and innovations have led to an increase in the extraction of shale oil from oil reserves in the US. Vendors on the other hand are also increasing their R&D investment in order to reduce the time and cost effectively. The risk involved in the extraction of the shale oil has reduced significantly in the recent days. The shale oil production in US has thus, increased over the past few years.
This report: Shale Oil Market in the US 2014-2018 provides a detailed analysis of the market and focuses on the major players, recent developments and key drivers of the shale oil market in US.
Market overview
The technological advances include discovering the potential of unconventional oil, well log interpretation, managing produced water, development and determination of oil alongwith development of well simulation models. The shale oil market in the US is growing at a CAGR of 13.3%. One of the key drivers of the market is the depletion of the conventional oil reserves in the country due to which the unconventional oil resources are now being tapped.
Key regions and players
The key states that are involved in the shale oil production in US are North Dakota, Texas and Kansas. The key players in the market include Devon Energy Corp., EOG Resources Inc., ExxonMobil Corp., Hess Corp., Marathon Oil Corp., SM Energy Co., American Shale Oil, Chevron Corp., ConocoPhillips Co., Continental Resources Inc., Murphy Oil Corp., Noble Energy Inc., Shale Technologies LLC, Viru Keemia Group, and Whiting Petroleum Corp.
For further insights, click http://www.researchonunitedstates.com/shale-oil-market-in-the-us-2014-2018.html
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Source: ResearchOnUnitedStates