Gas reservoirs are mainly classified into conventional or unconventional. An unconventional gas reservoir is one which is situated in rocks with low permeability, thereby making the gas inaccessible unlike in conventional gas deposits. The cost of finding, developing, and managing these resources is much higher than conventional resources. The main technologies used for drilling the UCG (unconventional gas) are hydraulic fracturing or “fracking” and horizontal drilling.
One of the major commercially viable unconventional gases is tight gas, which is found in sand areas or low porosity silt where a tight fitting environment is created for the gas and is produced using a combination of hydraulic fracturing and directional drilling. Shale gas is found between the layers of shale, and the same technique of combination of hydraulic fracturing and directional drilling is used for its production. Coal bed methane (CBM) is extracted from coal seams of extremely low permeability. Hydraulic fracturing is not used in extracting CBM because it is often found near drinking water reservoirs.
Some of the major barriers restraining the growth of this market are availability of resources, accessibility to reservoirs supplemented with availability of low cost services and suppliers. Also, access to high value markets like Europe serves as a major barrier. Increasing environmental considerations and the growing need for energy security among nations have become major drivers for the global gas market as a whole. For the unconventional gas market, advancement of technology, including the latest drilling methods like hydraulic fracturing, has served as a major driver.
Access to untapped markets which entails heavy infrastructure to be in place to transport gas to the market is still a major challenge for this sector. The high cost involved in acquiring the latest technology acts as a hindrance to the market restraining its growth. The global production of gas has grown by 40% from 1990 to 2009 which is twice that of oil and with the discovery of new fields of unconventional gas like shale, it has been estimated that over 200 years worth of gas is still remaining. This portrays immense opportunity for growth in the sector.
Some of the key players in this market include British gas, Baker Hughes, Chesapeake Energy, Bow Energy Ltd., Chevron Corporations, Halliburton, Oil and Natural Gas Limited, General Electric Company, China national offshore Oil Corporation, Hindustan Petroleum corporation, Shell, ExxonMobil Corporation, and ConocoPhillips Company.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Europe
- Rest of the World
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
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