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A new technology called electric fracking, which is powered by natural gas instead of costly diesel fuel, promises to bring down fracturing costs, but building this system is much more expensive than conventional fleets. Cross-energy analyst and cofounder of Energy Aspects Richard Mallinson discusses how global policy and geopolitics have continued to evolve with the prolific US shale production. During a panel discussion at the recent Davos 2019, World Econominc Forum's Annual Meeting, Hess CEO John Hess summarized the importance of US shale production. Unconventional oil and gas have come to dominate the exploration and development scene in Western Canada since 2005, much as they have in the US. As usually happens with new play ideas and trends, appraisal and development have generated a broad spectrum of results in Canadian Unconventional plays.
The shale industry could shoulder 65% of $100-billion 2020 global E&P spending cut. Can oilfield services providers afford to cut their fees further to prop up hard-hit operators? The prescribed treatment for market- and virus-induced oil price collapse is to quickly slow production growth. Two US shale companies moved swiftly to cut the pace of drilling and completions, but it is too soon to know if that will have any impact.