Hydraulic fracturing is a technique that is used to extract natural gas and crude oil by injecting water along with propping agents and chemical additives. High temperature and pressure are used to create and open a network of fractures to enhance the permeability of the rocks. The adoption of hydraulic fracturing for the extraction of shale gas, tight gas shale oil, coal bed methane, and tight oil results in significant time and cost savings, which is one of the reasons for the increase in the adoption of this technique. According to a report published by Transparency Market Research, the hydraulic fracturing market, which stood at 21.34 MHHP in 2013 in terms of volume, is anticipated to expand at a modest CAGR of 5.30% from 2014 to 2022, to reach 33.97 MHHP by 2022.
Untapped Shale Gas Reserves in China Act as an Opportunity for Hydraulic Fracturing Technology
China’s shale gas deposits majorly lie in three giant basins: the Tarim Basin, the Ordos Basin, and the Sichuan Basin. The shale deposits in these reserves are embedded thousands of feet underground and the only means of getting to these reserves is through the process of hydraulic fracturing. The presence of shale gas reserves in China acts as a huge opportunity for the hydraulic fracturing market in the coming years, since China’s demand for oil and gas is among the highest in the world and increasing steadily.
Hydraulic Fracturing Leads to a Dramatic Rise in the Production of Oil and Gas in the U.S.
The shale revolution is a term used for the dramatic increase in the shale oil and gas production in the U.S. due to the adoption of hydraulic fracturing. The shale revolution has been a boon for the U.S. economy and has hugely benefitted the nation after the global recession in 2008, boosting the employment rate of the country. Political support has also helped in the growth of the oil and gas production, thanks to the elimination of restrictive policies and increasing support to the implementation of hydraulic fracturing. The growth of oil and gas production in the U.S. has counteracted the nation’s losses due to recession. It was the implementation of hydraulic fracturing methodology that led to this significant rise in the production of oil and gas.
Risk of Earthquakes due to Hydraulic Fracturing may Restrict its Adoption
Untapped Shale Gas Reserves in China Act as an Opportunity for Hydraulic Fracturing Technology
China’s shale gas deposits majorly lie in three giant basins: the Tarim Basin, the Ordos Basin, and the Sichuan Basin. The shale deposits in these reserves are embedded thousands of feet underground and the only means of getting to these reserves is through the process of hydraulic fracturing. The presence of shale gas reserves in China acts as a huge opportunity for the hydraulic fracturing market in the coming years, since China’s demand for oil and gas is among the highest in the world and increasing steadily.
Hydraulic Fracturing Leads to a Dramatic Rise in the Production of Oil and Gas in the U.S.
The shale revolution is a term used for the dramatic increase in the shale oil and gas production in the U.S. due to the adoption of hydraulic fracturing. The shale revolution has been a boon for the U.S. economy and has hugely benefitted the nation after the global recession in 2008, boosting the employment rate of the country. Political support has also helped in the growth of the oil and gas production, thanks to the elimination of restrictive policies and increasing support to the implementation of hydraulic fracturing. The growth of oil and gas production in the U.S. has counteracted the nation’s losses due to recession. It was the implementation of hydraulic fracturing methodology that led to this significant rise in the production of oil and gas.
Risk of Earthquakes due to Hydraulic Fracturing may Restrict its Adoption
Researchers in Canada have discovered that the injection of fracking fluids or stimulating fluids under high pressure, which is a part of the hydraulic fracturing process, creates fissures in impervious rocks and can ultimately cause earthquakes due to weakening of the bedrock. After the U.S., Canada ranks the highest in the world in terms of production of shale gas and oil. The country has faced frequent earthquakes in the Western Sedimentary Basin, which were attributed to improper waste water disposal and stress changes in hydrocarbon production. However, a recent study has revealed that the increasing earthquakes in the area are as a result of the excessive drilling.
Browse Research Press Release: http://www.transparencymarketresearch.com/pressrelease/hydraulic-fracturing-market.htm
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