Hydraulic fracturing, long dominated by the U.S. shale industry, is rapidly becoming a global export as countries seek to unlock hard-to-reach oil and gas reserves to meet rising energy demand, Bloomberg writes.
From Australia’s Beetaloo Basin to Saudi Arabia’s massive Jafurah shale project, governments and producers are increasingly adopting American-style fracking techniques, supply chains and operational expertise. U.S. service companies and drillers are in high demand as nations look to replicate the factory-style efficiency that fueled the U.S. shale boom.
Goldman Sachs estimates that fracking projects in Saudi Arabia and Argentina alone could account for about one-fifth of expected global oil demand growth through 2030.
While environmental concerns remain over emissions, water use and seismic risks, energy security and domestic supply are driving policy shifts worldwide. For investors and energy markets, the globalization of fracking signals a major new phase in the fossil fuel industry’s evolution.
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