There are four major challenges that countries with rich shale reserves face in trying to duplicate the oil and natural gas boom underway in the United States, a Halliburton executive said Thursday.
Jonathan Lewis, senior vice president of the Houston company’s completion and production division, said countries like China, Argentina and Australia need good geology, infrastructure, friendly regulatory environments and a market for their resources that allows companies to generate competitive returns.
Lewis said many countries, like Germany and France, face a fifth challenge he called societal acceptance.
Many European nations are unfamiliar with the oil and gas industry, so they are skeptical, or even hostile, to companies looking to produce oil or gas there, he said.
Lewis was one of several industry executives to speak Thursday at the Oklahoma State University Energy Conference in Oklahoma City about the potential to spread the U.S. shale boom to other parts of the globe.
Exxon Mobil Corp. CEO Rex Tillerson said he hopes Europe eventually will realize the benefits of developing its shale resources.
Tillerson said companies like Exxon have been trying to allay European nations’ fears about the industry by explaining how it operates.
Continue reading this story on the...
MORE FROM NEWSOK
We think there’s a lot of potential there, but it’s all untested.”
Exxon Mobil Corp. CEO