Technologies that prove their worth in practice have a way, particularly in the modern age, of spreading worldwide quickly. While a brand new kind of digital device might take only months to show up in markets all over the world, though, certain other developments tend to proceed at a notably slower pace. For example, the shale oil boom still ongoing in North America has been enabled by the refinement of a number of important technologies and approaches. As investment details here make clear, however, the underlying tech is only just now starting to make appearances at shale deposits outside of the United States and Canada.
One reason for this is simply that those companies that have been historically best positioned to engage in this kind of activity have previously not had much of a reason to look outside of those countries. For well over a decade now, shale oil producers have been successfully finding and extracting from a steady supply of deposits, with many more remaining in North America to be plumbed yet. At the same time, the number of available opportunities has necessarily dwindled over time, with the proven value of this approach to petroleum extraction making exploration in other places viable.
As a result, the global map of known shale formations has become fairly well fleshed out in recent years. While the United States and Canada still stand tall in terms of their shale-hosted petroleum reserves, other contenders have become clear, as well. Each of Argentina, China, and South Africa, for instance, has attracted a fair amount of attention in recent times for the extent and significance of its shale reserves.
Because of this and the pressures that North American producers are now starting to feel, shale oil and gas production is finally starting to spread beyond North America. With the average shale extraction operation lasting for only a few years, these relatively short term projects tend to be fairly easy to arrange and justify. While production in the United States and Canada is expected to remain strong for a long time to come, experts predict that projects elsewhere in the world will eventually result in even greater combined output as the technologies needed become more commonly available.