The US Department of Energy has raised its estimates of global “technically recoverable” shale oil and gas reserves.

In a study published on 10 June the department’s Energy Information Administration (EIA) raises its total global reserves estimate to 7,200tcf of shale gas (up from 6,600tcf in its previous 2011 report) and 345bn barrels of shale oil (up from 32bn barrels - see table). “While the 2011 report focused exclusively on natural gas, recent developments in the United States highlight the role of shale formations and other tight plays as sources of crude oil, lease condensates, and a variety of liquids processed from wet natural gas,” the EIA notes. (CONTINUED - 362 WORDS)