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Australia has been posited as the top destination for fracking development, beating stiff competition from a number of international rivals.
New analysis from Lux Research noted that while North America has led the charge before now, the rest of the world is keen to get on board by taking advantage of shale gas and tight oil resources.
The organisation highlighted how well Australia is positioned, claiming that it has the highest market attractiveness and the clearest path to commercial production among competing nations.
“Key factors like existing infrastructure, low population density in resource-rich regions, and a welcoming government positions Australia at the forefront of shale development,” the company stated on its blog.
“China and Argentina are close behind, although the former remains plagued by poor infrastructure, local turf wars, and challenging geology, while the latter retains elements of instability both economically and politically.”
Despite showing some promise, countries such as Poland have been unable to capitalise on fracking, with major oil and gas companies pulling out after disappointing results.
The success of North American fracking has altered the country’s energy landscape, Lux said, taking it from a path of steady decline towards energy independence.
This is causing nations to pour money into shale gas and tight oil development in an effort to write a new chapter in the sector’s history.
However, the organisation warned that fracking is still a relatively young technology, which means commercial production levels are not indicative of future potential.
This may encourage more people in Australia to consider oil and gas training in an effort to prepare for potential growth in the sector.
“The bottom line is that 1.7 trillion BOE (barrels of oil equivalent) of shale is positioned to be exploited in the coming decades, with emerging technology and yet to be invented technology sure to reap many of the revenue benefits,” Lux added.
