Russian Energy Minister Says Believes US Shale ProductionBoom 'Not Over'

By anaafrica On Sep 4, 2020

MOSCOW, September 4- The US shale industry is far from done despite recent struggle amid falling oil prices, Russian Energy Minister Alexander Novak said Friday. “I don’ t think that the shale epoch is facing the end. The production of shale gas is a fact and it is a method of extracting gas.

MOSCOW, September 4 (Sputnik) – The US shale industry is far from done despite recent struggle amid falling oil prices, Russian Energy Minister Alexander Novak said Friday.

“I don’t think that the shale epoch is facing the end. The production of shale gas is a fact and it is a method of extracting gas. Yes, indeed, it is much more expensive … What kind of [market] portion it will take will depend on its competitiveness and the prices on the global market, there will be ups and maybe downs, and it will mainly depend on sophistication or improvement of such technologies,” Novak said at a virtual edition of the Global Manufacturing and Industrialization Summit.

Even if the production of shale oil and gas turns unprofitable to export internationally, it may still make economic sense if it is directed at the domestic market, the minister added.

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