Shale Gas - Global Experience + Issues

8/10/2019 Shale Gas - Global Experience + Issues

1/12

Shale gasGlobal experience and key learnings


2/12

2 | Shale gas -Global experience and key learnings


3/12

1Shale gas -Global experience and key learnings |

Contents

Shale gas: global potential and enablers ...........................3

Benets of shale gas development...................................3

Global shale gas potential ................................................5

Enablers for shale gas development.................................6

Regulatory landscape ............................................... 6

Favorable pricing regime...........................................7

Technological capabilities ..........................................7

Natural gas pipeline infrastructure.............................7

Shale gas in India ............................................................8

Key learning for India......................................................9


4/12



5/12


Shale gas: global potential and enablersSurging shale gas production in the US, as well as the possibility of replication of this success worldwide, has the potential

to revolutionize the global energy market. Widely dispersed shale gas reserves indicate the strong potential of shale gas to

emerge as a major alternative source of energy worldwide. According to the US Energy Information Administration (EIA),

technically recoverable shale gas resources globally stand at 7,299 trillion cubic feet (tcf) 1. To put this into perspective, global

natural gas consumption amounted to 116.7 tcf in 20122.

Hydraulic fracturing technology and horizontal drilling have made the revolution possible and continue to be a topic of

debate across the world. Countries such as China, Poland and Argentina view development of shale gas as a key means to

achieve energy security. On the other hand, countries such as France and Bulgaria are concerned about the impact on the

environment and, therefore, continue to impose a moratorium on shale gas-related activities. The hydrocarbon regulatory

regime in most countries was developed prior to the shale boom and relates to conventional exploration and development.

Countries that anticipate an upturn in their shale-related activity may need to modify their existing regulations to include shale

gas or they may have to devise a new regime to govern unconventional resource development.

1. Technically Recoverable Shale Oil and Shale Gas Resources: An Assessment of 137 Shale Formations in 41 Countries Outside the United States, US Energy

Information Administration, http://www.eia.gov/analysis/studies/worldshalegas/, June 2013.

2. BP Statistical Review of World Energy June 2013, BP, http://www.bp.com/statisticalreview, accessed on 16 August 2013.


Information Administration, http://www.eia.gov/analysis/studies/worldshalegas/, June 2013.

4. U.S. Natural Gas Summary, US Energy Information Administration, http://www.eia.gov/dnav/ng/ng_sum_lsum_dcu_nus_a.htm, accessed on 14 August 2013; EY

analysis.

5. Natural Gas Spot and Futures Prices, US EIA database, accessed 14 August 2013.

Benets of shale gas

development

Unlocking of huge domestic shale reserves has transformed

the US energy market. Natural gas production has increased

exponentially and helped the country reduce its reliance on

imported gas. According to the EIA, the US holds 665 tcf

of technically recoverable shale gas reserves3. Shale gas

production in the country jumped from 2 tcf in 2007 to 8.5 tcf

in 2011. The share of shale gas in the countrys overall natural

gas production increased from 8% (2007) to 30% (2011).

Consequently, its gas imports declined from 4.6 tcf in 2007

to 3.1 tcf in 2012 and its LNG imports from 0.8 tcf to 0.2 tcf

during this period4.

Natural gas prices in the US continue to be low, since the

surge in shale gas production, coupled with a weak demand,

has resulted in oversupply and very high gas inventories. The

average price of gas at the Henry Hub has come down from

US$8.9 per million metric British thermal units (mmbtu) in

2008 to around US$3.6 per mmbtu in July 20135. Oil and gas

prices in the US have been moving in different directions since

2009, resulting in an increase in the countrys oil-to-gas price

ratio (Chart 1). Similarly, gas prices in the US are prevailing ata substantial discount to gas prices in Europe and LNG prices in

the Asia Pacic (Chart 2).


6/12


Chart 1: Oil-gas price ratio

Source: US EIA, EY analysis

0

1

2

3

4

5

6

7

8

9

10

Jan-2010

Jul-2010

Jan-2011

Jul-2011

Jan-2012

Jul-2012

Jan-2013

Jul-2013

Oil-gas price ratio

Chart 2: US gas prices vs rest of the world

Source: US EIA, World Bank commodity price data

0

2

4

6

8

10

12

14

16

18

0

Jan-2010

Jul-2010

Jan-2011

Jul-2011

Jan-2012

Jul-2012

Jan-2013

Jul-2013

Henry Hub Europe gas Japan LNG

The shale gas revolution has boosted the US economy by increasing the competiveness of gas-consuming industries, as well as by creating

employment and revenue opportunities for the state and federal governments.

Drop in electricity prices:

In the last decade, electricitygenerated from gas-based

plants has increased by

more than 50%, with power

generators substituting coal

with cheaply available gas.

This has reduced the price

of electricity in the country,

since wholesale electricity

prices have slumped by more

than 50% since 2008.6

Job creation:

An increase in shale gasoperations is creating new

jobs across the US. According

to IHS estimates, the shale

gas industry employed more

than 601,000 workers across

the value chain in 2010. This

number is expected to grow

to 870,000 by 2015 and 1.6

million by 2035. 8

Key source of government

revenue:The shale gas industry is

emerging as an important

source of government

revenues. In 2010, the

industry contributed around

US$18.6 billion in taxes,

including US$9.6 billion in

federal taxes and US$8.8

billion in state and local

taxes.9

Reduced feedstock costs:

US-based chemicaland petrochemical

manufacturers, which use

gas as feedstock, have

benetted from the decline

in input costs. This has given

the country a competitive

advantage over players in

other regions. In the previous

decade, high feedstock prices

resulted in many companies

moving their operations to

the Middle East and Asia.However, the trend has

now reversed, with many

companies, including Exxon

Mobil, Dow Chemicals and

Chevron Phillips Chemical,

increasing their investments

in the countrys chemical and

petrochemical industry.7

6. Electric plants shift from coal to natural gas, The Hawk Eye, 17 January 2012, via Factiva, 2012 The Hawk Eye, Burlington IA. Shale drilling affects rest of energy

sector, Pittsburgh Tribune-Review, 18 January 2012, via Factiva, 2012 Tribune-Review Publishing Co.

7. Shale trickles down, ICIS Chemical Business, 11 June 2012, via Factiva, 2012 Reed Business Information Limited; Exxon Mobil Plans US Gulf Coast Ethane

Cracker, The Oil Daily, 4 June 2012, via Factiva, 2012 Energy Intelligence Group.

8. The economic and employment contributions of shale gas in the United States, IHS Global Insight, December 2011, http://www.ihs.com/info/ecc/a/shale-gas-jobs-

report.aspx; Shale Gas Production to Support 1.6 Million Jobs by 2035, American Gas, 1 February 2012, via Dow Jones Factiva, 2012 American Gas.

9. The economic and employment contributions of shale gas in the United States, IHS Global Insight, December 2011, http://www.ihs.com/info/ecc/a/shale-gas-jobs-

report.aspx.


7/12


The surge in shale gas production has transformed the countrys

outlook on energy supplies and has dramatically altered the

trade ow outlook of the global gas market. According to the

EIAs Annual Energy Outlook (AEO) 2013, shale gas production

in the US is likely to account for around 50% of the countrys

total gas production by 2040. According to the EIA, the USmay become a net exporter of LNG by 2016 from being a major

importer of the product a few years ago10.

Global shale gas potential

The success story of shale gas in the US has resulted in

heightened speculation over its potential to transform energy

markets in other regions. The latest estimates published by

EIA in 2013 on technically recoverable shale gas resources

worldwide were 10% higher than its estimate in its 2011 report.

China is expected to have the largest technically recoverable

shale gas resources (1,115 tcf), followed by Argentina (802

tcf), Algeria (707 tcf) and the US (665 tcf). Two-thirds of

technically recoverable shale gas resources are concentrated in

seven countries China, Argentina, Algeria, the US, Canada,

Mexico and Australia. In terms of geography, North America

accounts for a 24% share, South America for 20%, Africa and

Asia each for 19%, and Europe and Australia for another 12%

and 6%, respectively, of global technically recoverable shale gas

resources11.

>600 tcf 599-300 tcf 299-100 tcf 99-50 tcf

Source: US Energy Information Administration

10. Annual Energy Outlook 2013, US EIA, April 2013, pg. 79.


Information Administration, June 2013.


8/12


China has the largest shale gas reserves, which account for

almost 15% of global shares, and around 80% of the reserves

in Asia. Chinas 12th ve-year plan set shale gas production

targets of 6.5 billion cubic meters (bcm) per year by 2015 and

60 bcm 100 bcm per year by 202012. Chinas state-owned

company, CNPC, has set a shale gas production target of 2.5bcm by 201513. Difcult geological terrains, an inexperienced

service industry and lack of technological capabilities may

however pose a challenge for China to attain its ambitious

targets.

In Europe, nearly two-thirds of estimated shale reserves are

concentrated in three countries Russia, Poland and France.14

Various European governments have a polarized view on shale

gas development. Although nearly all European countries

intend to improve their energy security, which includes reducing

dependence on gas supplies from Russia, several European

countries are viewing shale gas development with scepticism,

mainly on account of their environmental concerns on hydraulicfracturing. While France, Bulgaria and the Netherlands have

temporarily banned shale gas exploration, the UK and Romania

have recently lifted the ban. In the meanwhile, Ukraine and

Poland are actively pursuing shale gas exploration. Most

other countries are adopting a wait and see approach,

while others, including Belgium and Austria, are waiting for

results of scientic studies before issuing permits for shale gas

exploration.15

Argentina accounts for more than half of shale gas reserves

in South America. Its government is encouraging investments

in the shale gas industry to offset the decline in domestic

conventional oil and gas production and reduce its dependenceon imported gas from Bolivia. Argentinas national oil company,

YPF, has plans to spend US$ 2.7b on shale gas during 2013

2017; this capex accounts for about 40% of its total allocated

budget for the natural gas segment.16

Enablers for shale gas

development

Countries that are aiming to replicate the North American shale

gas revolution need to be mindful of several unique factors

that have helped the US in achieving its success. These include

industry-friendly regulations, a developed onshore oileld

services (OFS) sector, an extensive gas- distribution network and

market-driven gas pricing. Countries other than North America

do not have similar combination of capabilities in place, and it

will take time for them to develop these.

Regulatory landscape 17

A stable and supportive scal regime was one of the several

factors that helped to accelerate development of shale gas

in the US. Furthermore, US legislation pertaining to private

ownership of surface and mineral rights has enabled easyaccess to land and helped companies acquire large acreage

for shale gas development. Furthermore, during the initial

phase of the initiative, the US Government funded R&D

programs and provided tax credits to stimulate development

of shale resources.

Following the US path of offering nancial incentives, other

countries have plans to offer similar incentives to encourage

investment in domestic shale gas resources. For instance,

Western Australia has reduced its royalty rate to increase

shale gas exploration activities. Similarly, India proposes

to reduce royalty paid by national oil companies (NOCs)

for shale gas development. China has allowed foreigncompanies to invest in its shale gas sector (initially limited

to domestic companies). Additionally, the country has

proposed a subsidy for every cubic meter of shale developed

during 20122015. The UK is expected to issue proposals

for scal incentives later this year to promote investment in

the shale gas sector. If the proposals are adopted, it will be

the rst country in Europe to offer new incentives to shale

gas developers.

Apart from offering incentives, governments are

formulating shale gas-specic policies to provide regulatory

certainty to investors. For instance, the UK Government has

plans to create an Ofce for Unconventional Gas. Algeria

has recently amended its hydrocarbon law, which now

promotes development of unconventional resources.

12. China Plans Second Shale Bid Round, The Oil Daily, 28 June 2012, via Dow Jones Factiva, 2012 Energy Intelligence Group.

13. China Shale Enthusiasm Dims, World Gas Intelligence, 20 March 2013, via Dow Jones Factiva, 2013 Energy Intelligence Group.


Information Administration, June 2013.

15. Europe divided on shale gas, Agence France Presse, 7 June 2013, via Dow Jones Factiva, 2013 Agence France-Presse.

16. Business plan 2013 2017, YPF, August 2012, pg. 43, 44.

17. A retrospective view of shale gas development in the United States, United States Association for Energy Economics, http://www.usaee.org/usaee2013/

submissions/Abs/What%20led%20to%20the%20shale%20gas%20boom.pdf, April 2013, 2013 Resources for the Future; The international dynamics of shale, EY,

May 2013; UPDATE 3-Britain lifts shale gas ban, imposes tighter rules, Reuters News, 13 December 2012, via Dow Jones Factiva, 2012 Reuters Limited; Shalegas policy on way, Metis Energy Insider, 17 June 2013, via Dow Jones Factiva, 2013 Metis Business Solutions Pvt. Ltd; Western Australia looks to shale plays to

end gas shortages, LNG Intelligence, 9 September 2011, via Dow Jones Factiva, 2011 Energy Intelligence Group; National oil company monitor, EY, Q1 2013;

Oil min plans sops to boost shale gas production, Indian Express, 12 August 2013, via Dow Jones Factiva, 2013 Indian Express Online Media Pvt. Ltd; Algeria

amended hydrocarbon law published in ofcial gazette, Platts Commodity News, 10 March 2013, via Dow Jones Factiva, 2013 Platts.


9/12


Favorable pricing regime 18

Faced by gas shortage during the 1970s, the US

Government began deregulating wellhead gas prices

starting 1979, with complete deregulation coming into force

from 1993 onward. This gradual deregulation led wellheadprices to better reect supply/demand balances and

provided the necessary stimulus to production of natural

gas.

Over the past one year, China, India and Argentina have

raised their natural gas prices amid a widening gap between

natural gas production and consumption in these countries.

According to the new pricing formula to be adopted by India,

wellhead gas prices are expected to double from US$4.4/

mmbtu currently to US$8.4/mmbtu (at current crude prices)

by April 2014. China has increased city gate gas prices for

the non-residential sector by 15% (on an average) across

the country. In 2012, Argentina has announced that oiland gas companies will be able to secure a wellhead price

of US$7.5/mmbtu for new gas production in the country.

Its government has already signed deals with YPF and Pan

American Energy, allowing them to charge an increased

price. It is expected to sign similar agreements with other

companies in coming years. These initiatives aim to provide

incentives to oil and gas producers to explore and develop

shale gas blocks. In addition, China is offering shale gas

blocks, India has plans to conduct an auction for shale gas

in the near future and Argentina has intensied its efforts to

tap its Vaca Muerta shale plays.

Technological capabilities 19In the US, the shale gas revolution was led by small and

mid-size independent oil and gas companies that pioneered

technologies to extract shale gas. Additionally, the US

had large and experienced OFS companies, including

Schlumberger, Halliburton and Baker Hughes, which have

played a pivotal role in supporting the countrys shale

industry.

Government-owned companies are forging partnerships

with oil and gas companies operating in the US to leverage

the latters experience and technological capabilities.

For instance, the Chinese (through CNPC) and Ukrainian

governments have signed their rst production-sharing

agreement for upstream shale activities with Shell, taking

an important step toward full-scale commercial development

of the gas. Similarly, YPF has entered two separate deals

with Bridas International and Chevron for exploration ofVaca Muerta shale plays. India-based ONGC has signed

an agreement with ConocoPhillips for cooperation in

exploration and development of domestic shale gas

resources.

Acquisition of stakes in foreign shale assets is another

strategy being adopted by oil and gas companies to ll their

technology and experience gaps. In 2012, Sinopec signed

a wide-ranging US$2.5b joint venture agreement with

Devon Energy for the latters 33% stake acreage, which is

spread across ve US onshore shale plays. During the same

year, Indian state-owned companies, OIL and IOCL, jointly

acquired a 30% stake in Carrizos liquid-rich shale assets inthe Niobrara basin in the US.

The absence of a relatively experienced service industry

is pushing countries to enter partnerships with foreign

OFS companies. For example, in 2010, the Weir Group and

Shengli Oileld Highland Petroleum Equipment Co formed

a JV to provide equipment to Chinas shale gas industry.

In 2012, China-based Anton Oileld Services offered

Schlumberger a 20% stake the two companies plan to

cooperate on shale gas development in China.

Natural gas pipeline infrastructure 20

Another factor that contributed to the shale gas revolution

in the US was the existence of its extensive network of

pipelines to transport natural gas. Additionally, the country

had a policy of open access to interstate natural gas

pipelines, which helped it create a competitive wholesale

natural gas market.

Countries such as Poland, with lucrative shale deposits, lack

such an extensive, country-wide pipeline infrastructure.

Shale gas elds in some, such as China, are fairly isolated

from the countrys existing pipeline infrastructure.

Additionally, countries including China impose restrictions

on third-party access to pipeline infrastructure. Global

output of shale gas on a scale, similar to that of the US,

will depend on the ability of countries to overcome the

challenges mentioned above.

18. Gas Pricing and Regulation: Chinas Challenges and IEA Experience, International Energy Agency, April 2013, pg. 44, 45; China, India Gas Price Reforms Open

Door to More LNG Imports, RIA Oreanda-News, 16 July 2013, via Dow Jones Factiva, 2013 RIA OREANDA; Pan American Energy to Invest $3.4B in Argentina

From 2013-17, Dow Jones Top Energy Stories, 29 December 2012, via Dow Jones Factiva, 2012 Dow Jones & Company, Inc; Argentine president agrees to

higher prices for gas producers, IHS Global Insight Daily Analysis, 30 November 2012, via Dow Jones Factiva, 2012 IHS Global Insight Limited.

19. Andrew Neff, Ukrainian government approves shale gas PSA with Shell, IHS Global Insight Daily Analysis, 24 January 2013, via Dow Jones Factiva, 2013 IHS

Global Insight Limited; The international dynamics of shale, EY, May 2013; UPDATE 3-Argentine YPF, Bridas in shale investment deal, Reuters News, 29 December

2012, via Dow Jones Factiva, 2012 Reuters Limited; Chevron, YPF agree Argentina shale drilling program, The Oil Daily, 20 December 2012, 2012 Energy

Intelligence Group; National oil company monitor, EY, Q1 2012; National oil company monitor, EY, Q4 2012; The Weir Group and Shengli Oileld Highland

Petroleum Equipment Form JV, Manufacturing Close-Up, 2 December 2010, via Dow Jones Factiva, 2010 Close-Up Media, Inc; Schlumberger Purchases Stake inChinese Oileld Services Company, RIA Oreanda-News, 27 July 2012, via Dow Jones Factiva, 2012 RIA OREANDA.

20.A retrospective view of shale gas development in the United States, United States Association for Energy Economics, http://www.usaee.org/usaee2013/

submissions/Abs/What%20led%20to%20the%20shale%20gas%20boom.pdf, April 2013, 2013 Resources for the Future; China commences construction of rst

shale gas pipeline, IHS Global Insight Daily Analysis, 20 June 2013, via Dow Jones Factiva, 2013 IHS Global Insight Limited.


10/12


21.Twelfth ve year plan, Planning Commission, Government of India, 2013, Pg. 176; Monthly production, Ministry Of Petroleum & Natural Gas, March 2013.

22.Technically Recoverable Shale Oil and Shale Gas Resources: An Assessment of 137 Shale Formations in 41 Countries Outside the United States, US EnergyInformation Administration, June 2013; World Shale Gas Resources: An Initial Assessment of 14 Regions Outside the United States, US Energy Information

Administration, April 2011.

23.Industry News - Shale Regulation Limits Short-Term Unconventional Outlook, Business Monitor International, 15 August 2013.

Shale gas in India

Indias natural gas market continues to see a decit, with demand far exceeding

supply. In FY13, natural gas consumption in India is expected amount to104.4 bcm, as compared to its production of 40.7 bcm.21Consequently, the

countrys dependence on LNG imports has increased considerably. The Indian

Government has been taking measures on an ongoing basis to bridge this

supply-demand decit. These include its initiatives to increase wellhead gas

prices, effective April 2014, which is likely to incentivize companies to increase

their gas production and also benet the Indias shale gas industry.

The EIA has revised its estimates upwards for technically recoverable shale gas

resources in India, which now stand at 96 tcf, up from its previous estimate

of 63 tcf.22The revision will help the Government attract investors to its rst

shale gas bidding round (slated toward the end of 2013).

The Government has prepared a draft policy for exploration and production

of shale oil and gas in the country, and has invited comments and suggestions

from various stakeholders. According to the proposal submitted by the

Petroleum Ministry to the Cabinet Committee on Economic Affairs, initial

permission for exploration of shale resources on existing acreage will be

restricted to NOCs. The policy also proposes several nancial incentives for

NOCs, including Income tax and customs exemptions, along with reduced

royalty to be paid on shale gas. The Ministry plans to formulate a separate

policy for private and foreign companies at a later date. 23


11/12


Key learning for India

In order to replicate the shale gas boom in the US, the Indian

Government will need to build strong service and infrastructure

capabilities, along with a favorable regulatory regime, whichnot only promotes shale gas exploration and production

(E&P) activities, but also addresses environmental and social

concerns. Taking a cue from the US, the Government could look

at building a liberal scal regime, since the shale industry is at

its infancy stage of development in the country, and the cost of

such initiatives will be higher than those of conventional oil and

gas operations.

Lack of technological know-how and inadequate OFS sector

capacity and suitable equipment are some of the bottlenecks

impeding the development of Indias unconventional resource

potential. Domestic state-owned and private companies have

partnered with foreign companies and also acquired stakes inforeign shale assets to gain the required technical expertise.

They will have to continue to foster such partnerships to be

able to apply their expertise in developing shale gas reserves in

India. Additionally, many OFS companies are looking to export

the techniques they have used successfully in North America

to international markets. The Indian Government could tap this

opportunity and encourage the participation of such companies

in the country.

India will also need to expand its natural gas pipeline

infrastructure. Presently, around 11,500 km is covered by

natural gas pipelines across the country, with another 12,650

km of pipeline infrastructure being under various stages of

implementation.24Timely execution of these projects will

be critical for developing shale resources. Furthermore, the

Government will have to create a favorable policy that addresses

the concerns of both landowners, and oil and gas companies,

with land acquisition expected to be a vital issue in India.

In the US, shale gas revolution has been led by mid-sized

independent E&P and technology companies. Similarly, the

Government of India should ensure that adequate incentives anda level playing eld are made available to domestic private and

foreign companies to encourage investments in this important

hydrocarbon resource.

24. 12,650 K.M. Cross Country Pipeline Network being laid for transporting natural gas throughout the Country : Petroleum Minister, Metis Energy Insider, 18 March

2013, via Dow Jones Factiva, 2013 Metis Business Solutions Pvt. Ltd.


12/12

Ernst & Young LLP

EY| Assurance | Tax | Transactions | Advisory

About EY

EY is a global leader in assurance, tax, transaction and advisory services.

The insights and quality services we deliver help build trust and confidence

in the capital markets and in economies the world over. We develop

outstanding leaders who team to deliver on our promises to all of our

stakeholders. In so doing, we play a critical role in building a better working

world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the

member firms of Ernst & Young Global Limited, each of which is a separate

legal entity. Ernst & Young Global Limited, a UK company limited by

guarantee, does not provide services to clients. For more information about

our organization, please visit ey.com.

Ernst & Young LLP is one of the Indian client serving member firms of

EYGM Limited. For more information about our organization, please visit www.ey.com/in.

Ernst & Young LLP is a Limited Liability Partnership, registered under the Limited Liability

Partnership Act, 2008 in India, having its registered office at 22 Camac Street, 3rd Floor, Block C,

Kolkata - 700016

2013 Ernst & Young LLP. Published in India.

All Rights Reserved.

EYIN1308-060

ED None

Our ofces in IndiaKochi

9th Floor ABAD Nucleus

NH-49, Maradu PO

Kochi - 682 304

Tel: +91 484 304 4000

Fax: +91 484 270 5393

Kolkata22, Camac Street

3rd Floor, Block C

Kolkata-700 016

Tel: +91 33 6615 3400

Fax: +91 33 2281 7750

Mumbai

14th Floor, The Ruby

29 Senapati Bapat Marg

Dadar (west)

Mumbai-400 028, India

Tel: +91 22 6192 0000

Fax: +91 22 6192 1000

5th Floor Block B-2

Nirlon Knowledge Park

Off. Western Express Highway

Goregaon (E)

Mumbai-400 063, India

Tel: +91 22 6192 0000

Fax: +91 22 6192 3000

NCR

Golf View Corporate

Tower B

Near DLF Golf Course

Sector 42

Gurgaon122 002

Tel: +91 124 464 4000

Fax: +91 124 464 4050

6th oor, HT House

18-20 Kasturba Gandhi Marg

New Delhi-110 001

Tel: +91 11 4363 3000

Fax: +91 11 4363 3200

4th & 5th Floor, Plot No 2B

Tower 2, Sector 126

NOIDA-201 304

Gautam Budh Nagar, U.P. India

Tel: +91 120 671 7000

Fax: +91 120 671 7171

Pune

C401, 4th oor

Panchshil Tech Park

Yerwada (Near Don Bosco

School) Pune-411 006

Tel: +91 20 6603 6000

Fax: +91 20 6601 5900

Ahmedabad

2nd oor, Shivalik Ishaan

Near. C.N Vidhyalaya, Ambawadi

Ahmedabad-380015

Tel: +91 79 6608 3800

Fax: +91 79 6608 3900

Bengaluru12th & 13th oor

U B City Canberra Block

No.24, Vittal Mallya Road

Bengaluru-560 001

Tel: +91 80 4027 5000

+91 80 6727 5000

Fax: +91 80 2210 6000 (12th oor)

Fax: +91 80 2224 0695 (13th oor)

1st Floor, Prestige Emerald

No.4, Madras Bank Road

Lavelle Road Junction

Bengaluru-560 001 India

Tel: +91 80 6727 5000

Fax: +91 80 2222 4112

Chandigarh

1st Floor, SCO: 166-167

Sector 9-C, Madhya Marg

Chandigarh-160 009

Tel: +91 172 671 7800

Fax: +91 172 671 7888

ChennaiTidel Park, 6th & 7th Floor

A Block (Module 601,701-702)

No.4, Rajiv Gandhi Salai Taramani

Chennai-600113

Tel: +91 44 6654 8100

Fax: +91 44 2254 0120

Hyderabad

Oval Ofce

18, iLabs Centre

Hitech City, Madhapur

Hyderabad - 500081

Tel: +91 40 6736 2000

Fax: +91 40 6736 2200

This publication contains information in summary form and is therefore intended for general guidance

only. It is not intended to be a substitute

for detailed research or the exercise of professional judgment. Neither Ernst & Young LLP nor

any other member of the global Ernst & Young organization can accept any responsibility for

loss occasioned to any person acting or refraining from action as a result of any material in this

publication. On any specific matter, reference should be made to the appropriate advisor.

Cerebral Business Researchprovides Intelligent Online Business Information Knowledgebase, Newsletter and Thought Leadership services in Oil & Gas

(including Upstream), Power & Renewable and Infrastructure (Roads & Highways) verticals. Working extensively our subject matter experts have developed

this comprehensive knowledgebase which caters to all Business & Technical aspects of Energy and Infra sector. Our vast experience in the intelligent business

information and thought leadership domain enables us to offer you the most relevant, reliable and well-designed online Business Information in order to enhance

productivity & growth of your organization and offer insights in the competitors landscape. We also undertake Research On Demand market driven assignments

as per clients requirement and scope of work.

Please visit www.cerebralbusiness.com/knowledgebase for more details

Contact Person Vineet Sharma

Director (Information Services Business)

[email protected]

Mob - +91 9971498843

Documents

Shale Gas - Global Experience + Issues