Can fracturing for oil match fracturing for gas?

Horizontal drilling and fracturing has resulted in a surplus of natural gas in North America. Oil experts say they can match this success with shale oil deposits.

“There is absolutely huge interest from companies throughout the world that are looking for alternative sources of energy,” said Dan Themig, president of Packers Plus, the Calgary-based private company that pioneered the technology’s implementation in North America. It is now building operations in China, Argentina, Brazil, across North Africa, Romania, Russia, the U.K. and Norway.

Certainly fracturing for oil will eventually be just every bit as big as fracturing in natural gas,” he said. “Almost every major oil basin, including Saudi Arabia, will utilize this technology to enhance recovery and revitalize some declining fields and possibly arrest the decline for a number of years.” Mr. Themig, an engineer, co-founded Packers Plus in 2001 with Peter Krabben and Ken Paltzat.

Source:http://www.canada.com/business/cmhc/Fracturing+shake+exploration/4459773/story.html

Update May 29, 2011: http://www.nytimes.com/2011/05/28/business/energy-environment/28shale.html?seid=auto&smid=tw-nytimesnational&pagewanted=all

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