Bazhenov Barrels Russia Wakes Up and Smells the Shale
Russia began drilling a well in its Bazhenov shale formation in Siberia this week, tapping in to what may be the world’s largest single reserve of shale oil. Russia’s coming to the shale game very late; because Russia is already rich in conventional oil and gas, it’s felt little pressure to invest in unconventional reserves. But as its hydrocarbon production begins to stagnate, Moscow is realizing that shale energy might actually be worth looking in to. And no wonder: Russia has the world’s largest reserves of shale oil, and ninth-largest reserves of shale gas.
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