Temizel, Cenk (Saudi Aramco) | Canbaz, Celal Hakan (Ege University) | Gok, Ihsan Murat (NESR) | Roshankhah, Shahrzad (Caltech) | Palabiyik, Yildiray (ITU) | Deniz-Paker, Melek (Independent Consultant) | Hosgor, Fatma Bahar (Petroleum Software LLC) | Ozyurtkan, Hakan (ITU) | Aksahan, Firat (Ege University) | Gormez, Ender (METU) | Kaya, Suleyman (METU) | Kaya, Onur Alp (METU)
Abstract As major oil and gas companies have been investing in shale oil and gas resources, even though has been part of the oil and gas industry for long time, shale oil and gas has gained its popularity back with increasing oil prices. Oil and gas industry has adapted to the low-cost operations and has started investing in and utilizing the shale oil sources significantly. In this perspective, this study investigates and outlines the latest advances, technologies, potential of shale oil and gas reservoirs as a significant source of energy in the current supply and demand dynamics of oil and gas resources. A comprehensive literature review focusing on the recent developments and findings in the shale oil and gas resources along with the availability and locations are outlined and discussed under the current dynamics of the oil and gas market and resources. Literature review includes a broad spectrum that spans from technical petroleum literature with very comprehensive research using SCOPUS database to other renowned resources including journals and other publications. All gathered information and data are summarized. Not only the facts and information are outlined for the individual type of energy resource but also the relationship between shale oil/gas and other unconventional resources are discussed from a perspective of their roles either as a competing or a complementary source in the industry. In this sense, this study goes beyond only providing raw data or facts about the energy resources but also a thorough publication that provides the oil and gas industry professional with a clear image of the past, present and the expected near future of the shale oil/gas as it stands with respect to other energy resources. Among the few existing studies that shed light on the current status of the oil and gas industry facing the rise of the shale oil are up-to-date and the existing studies within SPE domain focus on facts only lacking the interrelationship between heavy and light oil as a complementary and a competitor but harder-to-recover form of hydrocarbon energy within the era of rise of renewables and other unconventionals. This study closes the gap and serves as an up-to-date reference for industry professionals.