“It takes time, but they will ultimately be able to globalize what we've done here,” he said.
Philip Lambert, CEO of Lambert Energy Advisory in London, said the growing world demand for energy will force countries throughout the world to focus on shale oil and natural gas.
Lambert pointed to the Bazhenov field in western Siberia, which is the size of Texas and the Gulf of Mexico combined, or more than 80 times larger than the oil-rich Bakken Shale of North Dakota and Montana. Russia so far has shown little interest in developing the Bazhenov, but Lambert said that likely will change soon.
“I don't think the world has missed the shale revolution,” he said.
“Just as Peter the Great went to Holland to learn how to build ships, Russia has brought in ExxonMobil and other American companies to learn shale. Russia will embrace shale oil.”