Shale Gas Roulette

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  • 7/31/2019 Shale Gas Roulette

    1/15

    GDL[DS BNSDGNLN@JG FLK GN@@TLJ[ZKDRDINU@DL[

    @fsgdiitw Wafid8 Iflk N}ldswaju) IngfiRnjgd) flk {ad Kjw{sjct{jnl nb Idfwd flk

    Snzfi{z Kniifsw

    [J@N[AZ],ODIWDZ)FIDQ@D[GFIB) FLK SNKSJMN WFIGDKN

    HTIZ61)3563

    GDGKSDWDFSGA UFUDSWDSJDW

    -W[SDLM[ADLJLM UDLLWZIRFLJFW GN@@TLJ[JDW [ad Udllwzirfljf W{f{d Tljrdswj{z) 657 Fs`wcz Ctjikjlm) Tljrdswj{z Ufso) UF

    a{{u8..fdwd,uwt,dkt.sdwdfsga.gdl{dsw.gdgk

  • 7/31/2019 Shale Gas Roulette

    2/15

    @fsgdiitw Wafid8 Iflk N}ldswaju) Ingfi Rnjgd) flk {ad Kjw{sjct{jnl nb Idfwd " Snzfi{z Kniifsw

    Gdl{ds bns Dgnln`jg " Gn``tlj{z Kdrdinu`dl{ a{{u8..fdwd,uwt,dkt.sdwdfsga.gdl{dsw.gdgk 3

    @fsgdiitw Wafid8 Iflk N}ldswaju) Ingfi Rnjgd) flk {ad Kjw{sjct{jnl nb

    Idfwd flk Snzfi{z Kniifsw

    [J@N[AZ ],ODIWDZ)FIDQ @D[GFIB) FLK SNKSJMN WFIGDKN6

    6, Jl{snktg{jnlKdrdinu`dl{ nb @fsgdiitw wafid jw afrjlm f csnfk sflmd nb unwj{jrd flk ldmf{jrd j`ufg{w fgsnww flz nb

    {ad Udllwzirfljf gn``tlj{jdw }adsd ksjiijlm jw nggtssjlm, J{ afw cddl fl dgnln`jg nuuns{tlj{z bns

    wn`d sdwjkdl{w) fl dlrjsnl`dl{fi ns vtfij{z nb ijbd gnlgdsl bns n{ads sdwjkdl{w) flk jw mdldsf{jlm gnlbijg{

    }j{ajl `flz gn``tlj{jdw, [adsd afw cddl tga sdgdl{ unijgz kdcf{d fcnt{ {ad usnuds snid nb ingfi

    mnrdsl`dl{ jl sdmtif{jlm wtga lf{tsfi mfw kdrdinu`dl{) flk {ad dq{dl{ {n }ajga ingfi gn``tlj{jdw

    wantik afrd kjwgsd{jnl jl kdgjkjlm }ad{ads) }adsd) flk an} {n fiin} wafid mfw kdrdinu`dl{,

    [ad sdgdl{iz ufwwdk Fg{ 67 nb 3563 ij`j{w ingfi kjwgsd{jnl) bns`fiiz usdd`u{jlm `tga ingfi sdmtif{jnl nb

    {ajw wafid mfw kdrdinu`dl{, Tlkds Fg{ 67) ingfi mnrdsl`dl{w `tw{ fiin} ksjiijlm jl fii xnljlm kjw{sjg{w)

    flk gflln{ cfl ns sdw{sjg{ mfw kdrdinu`dl{, Jl wtga f gnl{dq{ nb ij{{id ingfi mnrdsl`dl{ gnl{sni) {ad

    idfwjlm kdgjwjnlw nb jlkjrjktfi jldsfi sjma{ n}ldsw cdgn`d nld nb {ad nw{ j`uns{fl{ }fzw sdwjkdl{wafrd f rnjgd jl }ad{ads flk an} @fsgdiitw wafid kdrdinu`dl{ }jii nggts jl {adjs gn``tlj{z, ]an

    n}lw {ad iflk flk `jldsfi sjma{w jl @fsgdiitw gntl{jdw {atw gsj{jgfiiz kd{ds`jldw }an gfl ufs{jgjuf{d jl

    {ad kdgjwjnlw {af{ }jii fbbdg{ {ad gn``tlj{z, Ingfi didg{dk flk fuunjl{dk nbbjgjfiw) flk sdwjkdl{w }an

    n}l ij{{id ns ln iflk afrd sdif{jrdiz ij{{id rnjgd fcnt{ }ad{ads lf{tsfi mfw kdrdinu`dl{ nggtsw }j{ajl

    {adjs gn``tlj{z, [ad kdgjwjnl jw ifsmdiz jl {ad aflkw nb gtssdl{ n}ldsw nb ifsmds ufsgdiw nb iflk }an

    kdgjkd }ad{ads {n idfwd bns ksjiijlm) flk jl mfw gn`ufljdw }an {adl kdgjkd }adsd f`nlm {ad idfwdk

    ufsgdiw {n fg{tfiiz ksjii,

    [ad n}ldswaju nb {ad sjma{w fiwn fbbdg{w }an sdgdjrdw {ad idfwd flk snzfi{z kniifsw gsdf{dk cz mfw

    kdrdinu`dl{, Lf{tsfi mfw gn`ufljdw sduns{dk {adz ufjk +3,5= cjiijnl jl idfwd flk snzfi{z ufz`dl{w

    sdif{dk {n @fsgdiitw wafid kdrdinu`dl{ jl Udllwzirfljf jl 3565 !Gnlwjkjld) ]f{wnl flk Cit`wfgo)

    3566*, Wtga ufz`dl{w fsd f wjmljbjgfl{ ufs{ nb {ad dgnln`jg cdldbj{ nb lf{tsfi mfw kdrdinu`dl{)

    fggntl{jlm bns fcnt{ nld {ajsk nb mfw jlktw{sz wudlkjlm jl Udllwzirfljf cd{}ddl 3551 flk 3565 !jcjk*,

    Tlkdsw{flkjlm an} {adwd kniifsw fsd kjw{sjct{dk jw j`uns{fl{ bsn` wdrdsfi udswudg{jrdw, [adwd jlgitkd

    an} flz nb {adwd kniifsw sd`fjl }j{ajl {ad gntl{jdw }j{a ksjiijlm flk sdif{dk fg{jrj{z) an} csnfkiz {ad

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    {ad gnw{w nb @fsgdiitw kdrdinu`dl{, [ad if{{ds afw wjmljbjgfl{ dvtj{z j`uijgf{jnlw }ajga tlkdsijd `tga

    nb {ad utcijg unijgz kdcf{d fcnt{ {ad @fsgdiitw wafid uifz !Odiwdz) Wajdikw) Ifkidd flk ]fsk) 3566*,

    Dgnln`jg w{tkjdw nb @fsgdiitw wafid {n kf{d afrd `nw{iz bngtwdk nl dw{j`f{jlm {ad nrdsfii dgnln`jg

    cdldbj{w) ct{ afrd ln{ fkksdwwdk {ad dvtfiiz-j`uns{fl{ tlkdsw{flkjlm nb an} {ad dgnln`jg cdldbj{w

    fsd kjw{sjct{dk f`nlm sdwjkdl{w flk lnl-sdwjkdl{w) lns {ad gnw{w nb wtga kdrdinu`dl{,

    [ajw ufuds dqf`jldw {ad n}ldswaju nb {ad iflk }j{ajl didrdl Udllwzirfljf gntl{jdw }j{a @fsgdiitwkdrdinu`dl{ fg{jrj{z) flk {ad j`uijgf{jnlw nb {af{ iflk n}ldswaju uf{{dsl bns }an afw f rnjgd jl

    kdgjwjnlw nrds {ad fg{jrj{z flk bns {ad kjw{sjct{jnl nb idfwd flk snzfi{z kniifsw, @tga nb {ad utcijg

    kdcf{d fcnt{ @fsgdiitw wafid kdrdinu`dl{ sdrnirdw fsntlk kjbbdsjlm rjd}w nb bfjsldww flk dvtj{z)

    ufs{jgtifsiz kjwgtwwjnlw fcnt{ {ad dlrjsnl`dl{fi) adfi{a) flk n{ads sjwow) {ad usnuds snid bns ingfi

    6[ad ft{answ fsd f Usnbdwwns nb Fmsjgti{tsfi Dgnln`jgw) f Unw{-Kng{nsfi Wganifs jl {ad Wganni nb Bnsdw{ Sdwntsgdw)flk f msfktf{d w{tkdl{ jl Fmsjgti{tsfi) Dlrjsnl`dl{fi) flk Sdmjnlfi Dgnln`jgw) Udll W{f{d Tljrdswj{z,

  • 7/31/2019 Shale Gas Roulette

    3/15

    @fsgdiitw Wafid8 Iflk N}ldswaju) Ingfi Rnjgd) flk {ad Kjw{sjct{jnl nb Idfwd " Snzfi{z Kniifsw

    Gdl{ds bns Dgnln`jg " Gn``tlj{z Kdrdinu`dl{ a{{u8..fdwd,uwt,dkt.sdwdfsga.gdl{dsw.gdgk 7

    mnrdsl`dl{ sdmtif{jnl flk nrdswjma{ nb jlktw{sz fg{jrj{jdw) flk {ad fcjij{z nb jlkjrjktfi n}ldsw {n twd

    {adjs sdwntsgdw fw {adz cdijdrd jw fuusnusjf{d, [ajw w{tkz jw ln{ jl{dlkdk {n drfitf{d ns `fod

    htkm`dl{w fcnt{ Fg{ 67 nb 3563 ns {ad gtssdl{ kjw{sjct{jnl nb gnl{sni flk jlgn`d, Sf{ads }d cdijdrd

    {af{ tlkdsw{flkjlm iflkn}ldswaju uf{{dslw adiuw {n gifsjbz {ad dgnln`jg j`uijgf{jnlw nb @fsgdiitw wafid

    kdrdinu`dl{) flk {ad gnl{dq{ bns {ad gnlgdslw wn`d fsd dqusdwwjlm fcnt{ {ad lddk bns `nsd ingfi

    mnrdsl`dl{ gnl{sni nrds {af{ kdrdinu`dl{,

    3, @d{ankninmzFw jl flz n{ads w{f{dw) wtsbfgd iflk n}ldsw jl Udllwzirfljf kn ln{ ldgdwwfsjiz n}l {ad jldsfi sjma{w

    tlkds {adjs iflk? wtsbfgd flk `jldsfi sjma{w gfl cd n}ldk !flk wnik* wdufsf{diz, [ad wdufsf{jnl nb

    wtsbfgd flk jldsfi sjma{w jw sdif{jrdiz gn``nl jl fsdfw nb Udllwzirfljf }j{a ufw{ gnfi) nji) flk mfw

    kdrdinu`dl{, ]adl kdrdinu`dl{ nb {adwd `jldsfi sdwntsgdw cdmfl mdldsf{jnlw fmn) `flz nb {adwd

    `jldsfi sjma{w }dsd wdrdsdk bsn` wtsbfgd sjma{w fw iflkn}ldsw dj{ads wnik nbb {ad jldsfi sjma{w ns odu{

    {anwd sjma{w }adl {adz wnik {ad wtsbfgd iflk,

    ]d gntik bjlk ln utcijgiz frfjifcid kngt`dl{f{jnl {af{ kd{fjiw n}ldswaju nb jldsfi sjma{w) n{ads {aflnl f kddk-cz-kddk cfwjw, Jl gnl{sfw{) MJW iflkn}ldswaju kf{f jw frfjifcid jl nw{ Udllwzirfljf gntl{jdw

    }j{ajl {ad @fsgdiitw sdmjnl, Iflkn}ldswaju flk `jldsfi sjma{ n}ldswaju wantik fijml rdsz ginwdiz jl

    gntl{jdw }j{a ij{{id ufw{ gnfi) mfw ns nji kdrdinu`dl{) wn iflkn}ldswaju uf{{dslw jl {adwd gntl{jdw

    wantik fggtsf{diz sdbidg{ {ad tlkdsizjlm `jldsfi sjma{ n}ldswaju, Jl gntl{jdw }adsd jldsfi flk

    iflkn}ldswaju afw cddl wdrdsdk) {ad iflkn}ldswaju jlbns`f{jnl nw{ ijodiz nrdsdw{j`f{dw {ad

    usnuns{jnl nb iflk n}ldk cz gntl{z sdwjkdl{w cdgftwd {ad sjma{w wdrdsdk mdldsf{jnlw fmn afrd

    wtcwdvtdl{iz cddl ufwwdk kn}l {asntma bf`jijdw) wuijl{dsjlm jl{n n}ldswaju adik fgsnww gajiksdl flk

    msflkgajiksdl, ]j{a {ad sdif{jrdiz ajma f`ntl{ nb nt{-`jmsf{jnl bsn` Udllwzirfljf nrds {ad ufw{

    kdgfkdw) j{ jw ijodiz {af{ `flz nb {ad gtssdl{ `jldsfi sjma{ n}ldsw ijrd nt{wjkd nb {adjs flgdw{sfi gntl{z)

    jb ln{ nt{wjkd {ad Gn``nl}dfi{a j{wdib, Iflkn}ldswaju kf{f fiwn ijodiz tlkdsdw{j`f{dw {ad

    gnlgdl{sf{jnl nb `jldsfi sjma{w n}ldswaju jl gntl{jdw }j{a ufw{ gnfi flk mfw kdrdinu`dl{ cdgftwd gnfiflk n{ads sdwntsgd dq{sfg{jnl gn`ufljdw }dsd fg{jrd utsgafwdsw flk fmmsdmf{nsw nb wtga sjma{w ktsjlm

    {ad nsjmjlfi sdwntsgd kdrdinu`dl{) gnlwnijkf{jlm `jldsfi sjma{w bsn` `ti{juid usnuds{jdw {nmd{ads tlkds

    {adjs n}ldswaju, Wn`d gn`ufljdw afrd sd`fjldk fg{jrd utsgafwdsw nb wtga sjma{w nrds {ad mdldsf{jnlw,

    [n dqf`jld ijodiz `jldsfi sjma{ n}ldswaju) }d gniidg{dk utcijgiz frfjifcid Mdnmsfuajg Jlbns`f{jnl

    Wzw{d` !MJW* kf{f fcnt{ iflkn}ldswaju bsn` didrdl gntl{z uiflljlm nbbjgdw, Gntl{jdw jlgitkdk jl {ad

    w{tkz fsd Csfkbnsk) Ct{ids) Gidfsbjdik) Bfzd{{d) Msddld) Izgn`jlm) Wtiijrfl) [jnmf) ]fwajlm{nl)

    ]dw{`nsdiflk flk ]zn`jlm, [ad kf{f }fw bsn` dfsiz 3565 {asntma 3566) kdudlkjlm tunl {ad gntl{z,

    [ad didrdl gntl{jdw jlgitkd ljld nb {ad {nu {dl @fsgdiitw gntl{jdw jl Udllwzirfljf? {ad wnid `jwwjlm {nu

    {dl gntl{z }fw Wtwvtdafllf Gntl{z) bns }an` {ad MJW jlbns`f{jnl }fw tlfrfjifcid !Wtwvtdafllf afk

    {ad bjb{a ifsmdw{ lt`cds nb }diiw {asntma 3566*, [nmd{ads) {ad didrdl gntl{jdw fggntl{ bns =: udsgdl{

    nb fii Udllwzirfljf @fsgdiitw }diiw {asntma 3566, [n wtuuid`dl{ {ad MJW kf{f) }d dqf`jldk T,W,Gdlwtw antwdanik kf{f nl an`d n}ldswaju flk sdl{jlm) {n kd{ds`jld {ad wafsd nb antwdanikw {af{ kjk

    ln{ n}l iflk,

    ]d jkdl{jbjdk ufsgdiw n}ldk cz gntl{z sdwjkdl{w cz innojlm f{ {ad xju gnkd nbn}ldsw `fjijlm

    fkksdwwdw, Utcijgiz n}ldk iflk }fw jkdl{jbjfcid jl {ad kf{f bns wn`d nb {ad gntl{jdw }anwd kf{fwd{w

    jlgitkdk wudgjbjg gnkdw wudgjbzjlm wtga n}ldswaju) jlgitkjlm Csfkbnsk) Wtiijrfl) [jnmf) flk ]zn`jlm,

    Bns {ad n{ads gntl{jdw) }d afk {n uazwjgfiiz inno f{ {ad MJW usnuds{z sdgnskw {n jkdl{jbz jb {ad ijw{dk

  • 7/31/2019 Shale Gas Roulette

    4/15

    @fsgdiitw Wafid8 Iflk N}ldswaju) Ingfi Rnjgd) flk {ad Kjw{sjct{jnl nb Idfwd " Snzfi{z Kniifsw

    Gdl{ds bns Dgnln`jg " Gn``tlj{z Kdrdinu`dl{ a{{u8..fdwd,uwt,dkt.sdwdfsga.gdl{dsw.gdgk ;

    n}lds }fw jl {ad utcijg ns usjrf{d wdg{ns, Wjlgd `nw{ nb {ad utcijgiz n}ldk iflk) wtga fw w{f{d bnsdw{

    iflk) w{f{d mf`d iflk) flk Bjwa flk Cnf{ Gn``jwwjnl iflk) jw jl sdif{jrdiz ifsmd ufsgdiw) }d uazwjgfiiz

    sdrjd}dk {ad n}ldswaju sdgnskw nb fii ufsgdiw 45 fgsdw jl wjxd ns ifsmds jl {adwd gntl{jdw {n jkdl{jbz

    }ajga }dsd utcijgiz n}ldk, Flz utcijg wdg{ns ufsgdiw w`fiids {afl 45 fgsdw }ntik cd gntl{dk fw

    usjrf{diz n}ldk iflk jl nts flfizwjw) ct{ {ad sdif{jrdiz w`fii lt`cds flk wjxd nb {adwd ufsgdiw ijodiz kn

    ln{ fbbdg{ sdwti{w wtcw{fl{jfiiz,

    [ad gntl{z sdwjkdl{ iflk n}ldsw jlgitkdk f `jq nb jlkjrjktfiw) bf`jijdw) ingfi ctwjldwwdw) bfs`dsw)

    atl{jlm gf`uw) iflk {stw{w) flk n{adsw, Jlkjrjktfi n}ldsw nb{dl n}l `nsd {afl nld ufsgdi) wn }d

    lddkdk {n fmmsdmf{d fii nb dfga iflk n}ldsw usnuds{jdw {nmd{ads, F wjlmid n}ldsw lf`d gfl rfsz

    fgsnww kjbbdsdl{ ufsgdi sdgnskw !d,m, H, W`j{a)) Hnal W`j{a) flk Hnal F, W`j{a `fz fii sdbds {n {ad

    wf`d n}lds*) wn fmmsdmf{jlm cz lf`d jw ln{ fggtsf{d, ]d jlw{dfk twdk n}ldsw `fjijlm fkksdwwdw {n

    fmmsdmf{d {ad ufsgdiw) gfigtif{jlm {ad {n{fi iflk n}ldk cz sdwjkdl{w f{ {af{ fkksdww, [ajw fuusnfga

    fwwt`dw fii iflk n}ldsw ijrjlm f{ {ad wf`d fkksdww fsd dj{ads {ad wf`d udswnl ns fsd sdif{dk,

    Bns dfga gntl{z) }d wns{dk {ad sdwjkdl{ iflkn}ldsw cz {ad {n{fi fgsdfmd dfga n}ldk !bsn` ifsmdw{

    f`ntl{ nb iflk {n w`fiidw{ f`ntl{ nb iflk*, ]d {adl csnod {ajw ijw{ nb fgsdfmd n}ldk jl{n {dl dvtfi

    ufs{w !}af{ wgjdl{jw{w gfii kdgjidw*) fiin}jlm tw {n jkdl{jbz {ad fgsdfmd n}ldk cz {ad ifsmdw{ 65 udsgdl{nb sdwjkdl{ iflkn}ldsw) {ad fgsdfmd n}ldk cz {ad wdgnlk ifsmdw{ {dl udsgdl{ nb sdwjkdl{ iflkn}ldsw)

    flk wn bns{a,

    7, Sdwti{wF, An`d N}ldswaju flk Sdl{jlmLn{ fii gntl{z sdwjkdl{w n}l iflk ns n}l {adjs n}l an`d, [fcid 6 usnrjkdw {ad @fsgdiitw gntl{jdw

    nskdsdk fiuafcd{jgfiiz) }j{a {ad lt`cds nb @fsgdiitw }diiw) w{f{d sflo cz @fsgdiitw }diiw) {ad {n{fi

    lt`cds nb antwdanikw jl {ad gntl{z) flk {ad udsgdl{fmd nb antwdanikw {af{ fsd an`d n}ldsw flk

    sdl{dsw jl dfga, Jl Csfkbnsk Gntl{z) bns dqf`uid) {adsd }dsd ::1 @fsgdiitw }diiw ksjiidk cd{}ddl 355=

    flk 3566) `fojlm j{ {ad gntl{z }j{a {ad `nw{ @fsgdiitw }diiw ktsjlm {af{ {j`d udsjnk, Fggnskjlm {n {ad

    3565 T,W, Gdlwtw) Csfkbnsk Gntl{z afk 3;)126 antwdanikw) }j{a =;,1 udsgdl{ nb {adwd antwdanikw

    n}ljlm {adjs n}l an`d,

    Gn`ufsjlm fgsnww {ad gntl{jdw) fcnt{ nld-vtfs{ds nb {ad antwdanikw jl {adwd didrdl gntl{jdw kn ln{

    n}l {adjs n}l an`dw) ct{ sf{ads sdl{ bsn` wn`dnld diwd !wdd [fcid 6*, [ajw rfsjdk cd{}ddl {ad

    gntl{jdw) sflmjlm bsn` f in} nb 6=,; udsgdl{ nb antwdanikw jl Wtiijrfl Gntl{z) {n f ajma nb 75,3 udsgdl{

    jl Izgn`jlm Gntl{z, [adwd sdl{dsw afrd ln jlut{ {n {ad kdgjwjnlw nb iflkn}ldsw {n idfwd {adjs iflk) ns nb

    mfw gn`ufljdw {n ksjii jl {ad gntl{z,

  • 7/31/2019 Shale Gas Roulette

    5/15

    @fsgdiitw Wafid8 Iflk N}ldswaju) Ingfi Rnjgd) flk {ad Kjw{sjct{jnl nb Idfwd " Snzfi{z Kniifsw

    Gdl{ds bns Dgnln`jg " Gn``tlj{z Kdrdinu`dl{ a{{u8..fdwd,uwt,dkt.sdwdfsga.gdl{dsw.gdgk 4

    [fcid 6, An`d N}ldswaju flk Sdl{jlm Antwdanikw

    Gntl{z @fsgdiitw

    ]diiw) 355= {n

    3566

    W{f{d Sflo cz

    @fsgdiitw

    ]diiw

    Lt`cds nb

    Antwdanikw

    Udsgdl{ nb Sdwjkdl{ Antwdanikw)

    3565

    An`d N}ldsw Sdl{dsw

    Csfkbnsk ::1 6 3;)126 =;,1$ 34,3$

    Ct{ids 653 65 =6):66 ==,5$ 37,5$

    Gidfsbjdik 676 : 73)137 =2,=$ 37,7$

    Bfzd{{d 6== 1 44)727 =7,5$ 3=,5$

    Msddld 71; 2 6;)565 =4,7$ 3;,=$

    Izgn`jlm ;44 ; ;2)263( 2:,1$( 75,3$(

    Wtiijrfl ;3 6: 3);72 13,2$ 6=,;$

    [jnmf 222 3 6=)613 =;,:$ 34,6$

    ]fwajlm{nl 47; 7 17)25; ==,7$ 33,=$

    ]dw{`nsdiflk 61= = 643)2;5 =2,4$ 37,4$

    ]zn`jlm :4 67 66)537 ==,6$ 33,:$

    (Dl{jsd gntl{z) ln{ htw{ {ad w`fiids @fsgdiitw wafid sdmjnl nb {ad gntl{zKf{f wntsgdw8 UF Kdufs{`dl{ nb Dlrjsnl`dl{fi Usn{dg{jnl? T,W, Gdlwtw

    C, Sdwjkdlgd nb N}ldswFl dfsijds MJW w{tkz nb iflkn}ldswaju flk @fsgdiitw wafid) twjlm {ad Gnlwdsrf{jnl Cjninmz Jlw{j{t{dw

    Tlj{dk W{f{dw Usn{dg{dk Fsdfw wafud bjid) bntlk {af{ fsntlk 6= udsgdl{ nb {ad @fsgdiitw wafid fgsdfmd

    fgsnww fii gntl{jdw jl Udllwzirfljf jw n}ldk cz {ad utcijg wdg{ns) }ajga usj`fsjiz jw {ad Gn``nl}dfi{a

    }j{a j{w w{f{d bnsdw{) mf`d gn``jwwjnl) flk n{ads fmdlgz iflk !Odiwdz) Wajdikw) Ifkidd flk ]fsk) 3566*,

    [ad sd`fjljlm 17 udsgdl{ jw n}ldk cz jlkjrjktfiw flk gn`ufljdw,

    [fcid 3 wan}w {ad kjw{sjct{jnl nb iflk n}ldswaju jl {ad didrdl w{tkjdk gntl{jdw) cfwdk nl {ad gtssdl{

    MJW flfizwjw nb 3565 flk 3566 gntl{z iflkn}ldswaju sdgnskw, [ad udsgdl{fmd nb iflk fsdf jl {ad

    gntl{jdw n}ldk cz {ad utcijg wdg{ns rfsjdk cd{}ddl ;,6 udsgdl{ !]fwajlm{nl Gntl{z* flk 7=,4 udsgdl{

    !Wtiijrfl Gntl{z*) }ajid {ad udsgdl{fmd nb iflk n}ldk cz udnuid ijrjlm nt{wjkd {ad gntl{z rfsjdk

    cd{}ddl 61,7 udsgdl{ !]fwajlm{nl Gntl{z* flk 7;,7 udsgdl{ !Msddld Gntl{z*, [ad wafsd nb iflk fsdf

    n}ldk cz sdwjkdl{w jl {adwd gntl{jdw rfsjdk cd{}ddl 3:,7 udsgdl{ jl Wtiijrfl Gntl{z) {n ==,2 udsgdl{ jl

    ]fwajlm{nl Gntl{z,3 [ajw rfsjf{jnl jl {ad udsgdl{fmd nb usjrf{diz n}ldk iflk fgsnww gntl{jdw wtmmdw{w

    }jkd kjbbdsdlgdw jl {ad dq{dl{ {n }ajga ingfi iflkn}ldsw jlbitdlgd @fsgdiitw kdrdinu`dl{ idfwjlm flk

    ksjiijlm jl {adjs gntl{z, [ad lt`cds nb usjrf{d gntl{z sdwjkdl{ n}ldsw kndw ln{ kjsdg{iz gnssdwunlk {n

    {ad lt`cds nb antwdanikw cdgftwd iflk n}ldsw jlgitkd ingfi ctwjldwwdw) atl{jlm gf`uw) flk n{ads lnl-

    antwdanikw,

    3[adwd lt`cdsw fsd gnlwjw{dl{ }j{a {ad usjns w{tkz) }j{a {ad dqgdu{jnl nb Izgn`jlm Gntl{z, [ad usjns w{tkz }fw

    fcid {n wnidiz bngtw nl {ad @fsgdiitw wafid sdmjnl nb Izgn`jlm Gntl{z) flk bntlk {af{ fcnt{ 6; udsgdl{ nb {ad iflk

    jl {ad @fsgdiitw sdmjnl Izgn`jlm Gntl{z }fw n}ldk cz gntl{z sdwjkdl{w, [ajw jw {ad lns{adsl afib nb {ad gntl{z)

    nt{wjkd nb {ad ]jiijf`wuns{ tscfl flk wtctscfl fsdf) flk {ad ingf{jnl nb `flz nb {ad rfgf{jnl an`dw)

    sdgsdf{jnlfi bnsdw{ iflk) ifsmd atl{jlm gf`uw) flk n{ads iflk ijodiz {n cd n}ldk cz lnl-sdwjkdl{w, Bns {ajw w{tkz)

    ktd {n {ad kjbbdsdl{ kf{fwd{) }d }dsd tlfcid {n wdufsf{d nt{ {ad lnl-@fsgdiitw sdmjnl nb {ad gntl{z,

  • 7/31/2019 Shale Gas Roulette

    6/15

    @fsgdiitw Wafid8 Iflk N}ldswaju) Ingfi Rnjgd) flk {ad Kjw{sjct{jnl nb Idfwd " Snzfi{z Kniifsw

    Gdl{ds bns Dgnln`jg " Gn``tlj{z Kdrdinu`dl{ a{{u8..fdwd,uwt,dkt.sdwdfsga.gdl{dsw.gdgk 2

    [fcid 3, Kjw{sjct{jnl nb Iflk N}ldswaju cz SdwjkdlgzGntl{z Udsgdl{ nb iflk

    n}ldk cz

    Utcijg Wdg{ns

    Udsgdl{ nb iflk

    n}ldk cz udnuid

    bsn` nt{wjkd {ad

    gntl{z

    Udsgdl{ nb

    iflk n}ldk

    jl-gntl{z

    Lt`cds nb

    Antwdanikw

    !T,W, Gdlwtw*

    Lt`cds nb

    Usjrf{d) jl-

    gntl{z

    n}ldsw

    Csfkbnsk 1,2$ 76,6$ 25,7$ 3;)126 62):71Ct{ids 4,4$ 6:,4$ =4,5$ =6):66 42)=37

    Gidfsbjdik 61,4$ 75,2$ 45,:$ 73)137 7;);56

    Bfzd{{d 63,=$ 3;,:$ 23,;$ 44)727 ;2)531

    Msddld ;,3$ 7;,7$ 26,4$ 6;)565 63)675

    Izgn`jlm( 73,2$ 6:,5$ ;1,;$ ;2)263 74)3=5

    Wtiijrfl 7=,4$ 77,3$ 3:,7$ 3);72 3)3:=

    [jnmf 3;,:$ 3=,4$ ;=,=$ 6=)613 :):;;

    ]fwajlm{nl ;,6$ 61,7$ ==,2$ 17)25; =5)211

    ]dw{`nsdiflk 2,=$ 36,6$ =3,7$ 643)2;5 67;)425

    ]zn`jlm 64,6$ 73,7$ 43,2$ 66)537 =)1:4

    (N}ldswaju gntl{z-}jkd) ln{ htw{ jl {ad w`fiids @fsgdiitw wafid sdmjnl nb {ad gntl{z

    G, Gntl{z Sdwjkdl{ Usjrf{d Iflkn}ldsw) cz F`ntl{ nb Iflk N}ldk[ad fhnsj{z nb gntl{z sdwjkdl{ iflkn}ldsw }j{ajl {adwd gntl{jdw n}ldk sdif{jrdiz w`fii f`ntl{w nb

    iflk, [fcid 7 wan}w {ad udsgdl{fmd nb gntl{z sdwjkdl{ iflkn}ldsw wns{dk cz {ad f`ntl{ nb ingfi iflk

    {adz n}l) flk jl ufsdl{adwdw) {ad wafsd nb {ad {n{fi ingfiiz n}ldk usjrf{d iflk fsdf n}ldk cz {anwd

    iflkn}ldsw, Bns dqf`uid) jl Csfkbnsk Gntl{z) 71,2$ nb {ad gntl{z sdwjkdl{ iflkn}ldsw n}l idww {afl

    nld fgsd nb iflk jl {ad gntl{z) flk {nmd{ads fii nb {ad iflk n}ldk cz {ajw 71,2$ nb sdwjkdl{ iflkn}ldsw

    fggntl{w bns 5,2$ nb {ad ingfiiz n}ldk usjrf{d iflk fsdf jl {ad gntl{z,

    Jl fii {ad gntl{jdw) iflkn}ldsw }j{a w`fii iflk ufsgdiw {zujgfiiz fggntl{dk bns nliz f w`fii usnuns{jnl nb

    {ad {n{fi usjrf{d iflk fsdf n}ldk cz gntl{z sdwjkdl{w, Jl ]dw{`nsdiflk Gntl{z) bns dqf`uid) =;,:

    udsgdl{ nb {ad sdwjkdl{ iflkn}ldsw n}ldk idww {afl nld fgsd nb iflk) }ajga fggntl{dk bns 2,: udsgdl{

    nb {ad {n{fi sdwjkdl{-n}ldk usjrf{d iflk jl {ad gntl{z, Fcnt{ =6,= udsgdl{ nb sdwjkdl{ iflkn}ldsw jl

    ]fwajlm{nl Gntl{z wj`jifsiz n}ldk idww {afl nld fgsd nb iflk) }ajga fggntl{dk bns ;,6 udsgdl{ nb {ad

    {n{fi sdwjkdl{-n}ldk usjrf{d iflk jl {ad gntl{z, [ajw bjlkjlm wantik ln{ cd wtsusjwjlm) mjrdl {af{ {zujgfi

    sdwjkdl{jfi usnuds{jdw jl wtctscfl flk tscfl fsdfw {dlk {n afrd sdif{jrdiz w`fii in{ wjxdw,

    F `tga w`fiids wafsd nb sdwjkdl{ usjrf{d iflkn}ldsw jl {ad gntl{jdw n}ldk ifsmd f`ntl{w nb iflk, [ad

    usnuns{jnl nb sdwjkdl{ iflkn}ldsw n}ljlm 6)555 ns `nsd fgsdw) bns dqf`uid) sflmdk bsn` 5,55; udsgdl{

    jl Ct{ids flk ]dw{`nsdiflk gntl{jdw) {n 5,; udsgdl{ jl [jnmf Gntl{z, [adjs wafsd nb {ad {n{fi sdwjkdl{-n}ldk usjrf{d iflk rfsjdk cd{}ddl 5,1 udsgdl{ jl Ct{ids Gntl{z {n 32,1 udsgdl{ jl Wtiijrfl Gntl{z, [ad

    wafsdw n}ldk cz {ad ifsmdw{ {dl udsgdl{ nb iflkn}ldsw mdldsfiiz }dsd ifsmds jl {ad `nsd stsfi gntl{jdw)

    wtga fw Wtiijrfl) ]zn`jlm) flk Csfkbnsk gntl{jdw) {afl jl {ad nsd wtctscfl gntl{jdw) sdbidg{jlm {ad

    msdf{ds usnuns{jnl nb {adjs sdwjkdl{w }an bfs`) ns }an n}l }nnkin{w ns sdgsdf{jnlfi iflk) flk ingfi

    ctwjldwwdw jlrnirdk jl iflk-jl{dlwjrd fg{jrj{jdw) [ad ifsmdw{ sdwjkdl{ iflkn}ldsw jl {adwd `nsd stsfi

    gntl{jdw jlgitkdk atl{jlm flk bjwajlm gitcw) iflk kdrdinu`dl{ gn`ufljdw) gnfi flk dldsmz gn`ufljdw)

    {j`cds gn`ufljdw) bfs`w) flk usjrf{d jlkjrjktfiw) }j{a {ad `jq{tsd rfszjlm cd{}ddl {ad gntl{jdw,

  • 7/31/2019 Shale Gas Roulette

    7/15

    @fsgdiitw Wafid8 Iflk N}ldswaju) Ingfi Rnjgd) flk {ad Kjw{sjct{jnl nb Idfwd " Snzfi{z Kniifsw

    Gdl{ds bns Dgnln`jg " Gn``tlj{z Kdrdinu`dl{ a{{u8..fdwd,uwt,dkt.sdwdfsga.gdl{dsw.gdgk =

    [fcid 7, Gntl{z Sdwjkdl{ Iflkn}ldsw) cz F`ntl{ nb Iflk N}ldk

    Udsgdl{ nb Ingfi Iflkn}ldsw !Udsgdl{ nb Gntl{z Sdwjkdl{-n}ldk Usjrf{d Iflk Fsdf*

    F`ntl{ nb Iflk

    N}ldk

    Csfkbnsk Ct{ids Gidfsbjdik Bfzd{{d Msddld Izgn`jlm( Wtiijrfl [jnmf ]fwajlm{nl ]dw{`nsd-

    iflk

    ]zn`jlm

    Idww {afl 6 fgsd 71,2$

    !5,2$*

    4=,5$

    !7,7$*

    4=,3$

    !3,5$*

    23,3$

    !7,7$*

    ;:,4$

    !6,6$*

    25,=$

    !3,5$*

    32,:$

    !5,;$*

    77,4$

    !5,;$*

    =6,=$

    !;,6$*

    =;,:$

    !2,:$*

    7:,;$

    !6,6$*

    6 {n 6,: fgsdw 63,7$

    !5,=$*

    6;,;$

    !7,6$*

    63,7$

    !6,2$*

    67,;$

    !3,=$*

    66,=$

    !5,:$*

    66,2$

    !6,4$*

    6;,2$

    !5,2$*

    67,5$

    !5,4$*

    :,2$

    !3,3$*

    :,=$

    !7,1$*

    64,4$

    !6,7$*

    3 {n ;,: fgsdw 66,4$!6,;$*

    66,:$!4,=$*

    66,1$!7,;$*

    65,7$!;,=$*

    :,4$!6,2$*

    65,7$!7,5$*

    6=,=$!6,4$*

    67,7$!6,3$*

    2,1$!7,4$*

    =,3$!2,7$*

    64,:$!7,5$*

    4 {n :,: fgsdw =,5$

    !3,5$*

    4,1$

    !2,3$*

    4,1$

    !7,1$*

    ;,2$

    !;,=$*

    2,5$

    !3,7$*

    ;,2$

    !7,5$*

    :,6$

    !6,1$*

    1,;$

    !6,1$*

    7,7$

    !;,5$*

    7,5$

    !2,5$*

    =,4$

    !7,3$*

    65 {n 6:,: fgsdw 1,1$

    !;,1$*

    7,:$

    !1,7$

    ;,5$

    !4,6$*

    7,;$

    !2,:$*

    4,1$

    !;,;$*

    ;,5$

    !4,3$*

    1,=$

    !7,3$*

    1,;$

    !7,7$*

    7,6$ !

    =,6$*

    3,6$

    !1,6$*

    2,=$

    !4,4$*

    35 {n ;:,: fgsdw 1,1$

    !65,:$*

    7,2$

    !6=,4$*

    ;,5$

    !63,5$*

    7,5$

    !67,1$*

    =,5$

    !63,4$*

    7,2$

    !65,:$*

    :,5$

    !1,5$*

    1,1$

    !1,6$*

    3,;$

    !63,:$*

    6,=$

    !64,3$*

    =,6$

    !67,=$*

    45 {n ::,: fgsdw 2,5$

    !62,4$*

    3,5$

    !36,4$*

    3,=$

    !6=,;$*

    6,=$

    !6=,6$*

    4,4$

    !36,3$*

    3,4$

    !62,:$*

    2,4$

    !63,1$*

    2,3$

    !63,4$*

    6,4$

    !61,5$*

    5,:$

    !6=,1$*

    7,:$

    !62,1$*

    655 {n 6::,: fgsdw ;,7$

    !33,=$*

    6,5$

    !35,5$*

    6,;$

    !6=,1$*

    6,6$

    !36,5$*

    7,1$

    !3=,;$*

    6,=$

    !36,:$*

    ;,6$

    !64,1$*

    4,3$

    !35,4$*

    6,6$

    !3;,:$*

    5,4$

    !6:,=$*

    3,=$

    !33,5$*

    355 {n ;::,: fgsdw 3,;$

    !3=,6$*

    5,3$

    !65,3$*

    5,4$

    !6;,;$*

    5,7$

    !67,5$*

    6,3$

    !61,4$*

    5,=$

    !6:,6$*

    3,2$

    !33,6$*

    3,2$

    !36,1$*

    5,7$

    !6;,6$*

    5,6$

    !1,:$*

    6,7$

    !36,;$*

    455 {n :::,: fgsdw 5,;$

    !:,7$*

    5,5;$

    !7,;$*

    5,3$

    !1,1$*

    5,6$

    !=,5$*

    5,6$

    !6,:$*

    5,56$

    !4,7$*

    5,;$

    !=,6$*

    5,;$

    !=,6$*

    5,57$

    !7,5$*

    5,56$

    !3,7$*

    5,6$

    !4,;$*

    6)555 ns `nsd

    fgsdw

    5,6$

    !;,3$*

    5,55;$

    !5,1$*

    5,51$

    !67,2$*

    5,57$

    !4,1$*

    5,57$

    !1,7$*

    5,56$

    !66,3$*

    5,3$

    !32,1$*

    5,;$

    !33,:$*

    5,56$

    !2,5$*

    5,55;$

    !4,6$*

    5,57$

    !2,=$*(Dl{jsd gntl{z) ln{ htw{ {ad w`fiids @fsgdiitw wafid sdmjnl

    Kndw ln{ fkk {n 655$ ktd {n sntlkjlm dssns

    Kf{f wntsgd8 Gntl{z uiflljlm nbbjgd iflkn}ldswaju kf{f

  • 7/31/2019 Shale Gas Roulette

    8/15

    @fsgdiitw Wafid8 Iflk N}ldswaju) Ingfi Rnjgd) flk {ad Kjw{sjct{jnl nb Idfwd " Snzfi{z Kniifsw

    Gdl{ds bns Dgnln`jg " Gn``tlj{z Kdrdinu`dl{ a{{u8..fdwd,uwt,dkt.sdwdfsga.gdl{dsw.gdgk 1

    K, Wafsd nb Iflk N}ldk cz Gntl{z Sdwjkdl{w) cz Kdgjid]adl {ad gntl{z sdwjkdl{ usjrf{d iflk n}ldsw fsd sflodk bsn` {anwd n}ljlm {ad idfw{ {n {ad nw{ iflk

    flk {adl w{sf{jbjdk jl{n kdgjidw cfwdk tunl {ad f`ntl{ nb iflk {adz n}l) {ad kjw{sjct{jnl nb

    iflkn}ldswaju f`nlm sdwjkdl{w cdgn`dw fuufsdl{, [fcid ; wan}w {ad udsgdl{fmd nb {ad {n{fi gntl{z

    sdwjkdl{ iflk n}ldk cz dfga kdgjid nb sdwjkdl{ iflkn}ldsw) flk jl ufsdl{adwdw) {ad gt`tif{jrd wafsd nb

    {af{ iflk n}ldswaju fgsnww {ad kdgjidw, Bns dqf`uid) jl Csfkbnsk Gntl{z) {ad cn{{n` 65 udsgdl{ nb

    sdwjkdl{ iflkn}ldsw {nmd{ads n}l 5,6 udsgdl{ nb {ad gntl{z sdwjkdl{-n}ldk iflk jl {ad gntl{z, [ad 66

    {n 35 udsgdl{ w`fiidw{ iflkn}ldsw jl Csfkbnsk Gntl{z wj`jifsiz {nmd{ads n}l 5,6 udsgdl{ nb {ad gntl{z

    sdwjkdl{-n}ldk iflk) flk {nmd{ads }j{a {ad cn{{n` 65 udsgdl{ nb iflkn}ldsw) n}l 5,3 udsgdl{ nb {ad

    {n{fi gntl{z sdwjkdl{-n}ldk iflk,

    [ad MJW flfizwjw wan}w {af{ f sdif{jrdiz w`fii udsgdl{fmd nb iflkn}ldsw jl dfga gntl{z {zujgfiiz n}l f

    rdsz ifsmd usnuns{jnl nb {ad ingfiiz n}ldk {n{fi usjrf{d iflk fsdf jl {af{ gntl{z, [ad {nu {dl udsgdl{ nb

    sdwjkdl{ iflkn}ldsw jl {adwd gntl{jdw) bns dqf`uid) n}l =3,= udsgdl{ ns `nsd nb {ad iflk fsdf n}ldk

    cz gntl{z sdwjkdl{w !{ad =3,= udsgdl{ }fw jl Csfkbnsk Gntl{z*, [ad ajmadw{ usnuns{jnl nb iflk n}ldk cz

    {ad {nu {dl udsgdl{ nb ingfi iflkn}ldsw) 11,7 udsgdl{) nggtsw jl ]fwajlm{nl Gntl{z !wdd [fcid ;*, [ad

    {nu {}dl{z udsgdl{ nb sdwjkdl{ iflkn}ldsw !fkkjlm {ad lt`cdsw jl [fcid ; bns {ad 16-:5$ flk :6-655$kdgjidw* {nmd{ads n}l cd{}ddl 1:,6 udsgdl{ flk :;,2 udsgdl{ nb {ad {n{fi iflk fsdf !Csfkbnsk flk

    Izgn`jlm gntl{jdw) sdwudg{jrdiz*, Jl gnl{sfw{) {ad afib nb {ad sdwjkdl{ iflkn}ldsw n}ljlm {ad idfw{ iflk

    jl {adwd gntl{jdw {nmd{ads n}l cd{}ddl 6,6 udsgdl{ flk 3,= udsgdl{ nb {ad {n{fi sdwjkdl{-n}ldk usjrf{d

    iflk fsdf !wdd {ad gt`tif{jrd lt`cdsw jl ufsdl{adwdw jl {ad ;6-45 kdgjid sn}* !Msddld flk

    ]dw{`nsdiflk gntl{jdw) sdwudg{jrdiz*,

    D, Kjw{sjct{jnl nb Iflkn}ldswaju]adl {ad iflkn}ldswaju kf{f jw gnlwjkdsdk fw f }anid) jlgitkjlm {ad iflk n}ldk cz lnl-sdwjkdl{w flk

    cz {ad utcijg wdg{ns) {ad kjw{sjct{jnl nb gnl{sni nrds {ad iflk jl {adwd gntl{jdw) flk }adsd idfwd flksnzfi{z kniifsw fsd mnjlm cdgn`dw gidfsds, [fcid 4 wan}w {ad udsgdl{fmd nb iflk fsdf jl dfga gntl{z

    n}ldk cz {ad utcijg wdg{ns) n}ldsw }an ijrd nt{wjkd nb {ad gntl{z) flk n}ldsw }an fsd gntl{z

    sdwjkdl{w, Gntl{z sdwjkdl{ n}ldsw fsd wan}l fw {adjs usnuns{jnl nb {ad {n{fi iflk fsdf) flk cz {ad

    kdgjid nb iflk n}ldsw, Jl Csfkbnsk Gntl{z) bns dqf`uid) 1,2 udsgdl{ nb {ad iflk fsdf jw n}ldk cz {ad

    utcijg wdg{ns) 76,6 udsgdl{ jw n}ldk cz udnuid ijrjlm nt{wjkd {ad gntl{z) flk 25,7 udsgdl{ jw n}ldk cz

    gntl{z sdwjkdl{w, Nb {ad {n{fi iflk fsdf jl Csfkbnsk Gntl{z) ;7,: udsgdl{ nb {ad iflk fsdf jw n}ldk cz

    {ad {nu {dl udsgdl{ nb gntl{z sdwjkdl{ iflkn}ldsw,

    [ad ]djma{dk Frdsfmd gnit`l f{ {ad dq{sd`d sjma{ nb [fcid 4 jw {ad kjw{sjct{jnl nb iflkn}ldswaju

    fgsnww fii {ad w{tkjdk gntl{jdw dqgdu{ Izgn`jlm !{ad if{{ds }fw n`j{{dk cdgftwd j{ jlgitkdw jlbns`f{jnl

    bsn` {ad dl{jsd gntl{z) ln{ htw{ {ad uns{jnl nb {ad gntl{z }j{a @fsgdiitw) flk {atw }ntik cjfw {ad

    frdsfmdw*) }djma{dk cz {ad iflk fsdf nb dfga gntl{z, Fgsnww {ad {dl gntl{jdw !n`j{{jlm Izgn`jlm*) 67,6

    udsgdl{ nb {ad {n{fi iflk fsdf jw n}ldk cz {ad utcijg wdg{ns) 32,= udsgdl{ jw n}ldk cz lnl-sdwjkdl{w)

    flk 25,3 udsgdl{ jw n}ldk cz sdwjkdl{w nb {ad gntl{z, Fgsnww fii {ad gntl{jdw) f ij{{id idww {afl afib nb

    {ad {n{fi iflk fsdf jl {ad gntl{jdw !;1,: udsgdl{* jw n}ldk cz {ad ifsmdw{ {dl udsgdl{ nb gntl{z sdwjkdl{

    iflkn}ldsw,

  • 7/31/2019 Shale Gas Roulette

    9/15

    @fsgdiitw Wafid8 Iflk N}ldswaju) Ingfi Rnjgd) flk {ad Kjw{sjct{jnl nb Idfwd " Snzfi{z Kniifsw

    Gdl{ds bns Dgnln`jg " Gn``tlj{z Kdrdinu`dl{ a{{u8..fdwd,uwt,dkt.sdwdfsga.gdl{dsw.gdgk :

    [fcid ;, Wafsd nb Gntl{z Sdwjkdl{-N}ldk Iflk Fsdf) cz Kdgjid nb Ingfi Iflkn}ldsw

    Wafsd nb Gntl{z Sdwjkdl{-N}ldk Iflk N}ldk cz Kdgjid !Gt`tif{jrd Wafsd*

    Kdgjid nb Ingfi

    Iflk N}ldsw

    Csfkbnsk Ct{ids Gidfsbjdik Bfzd{{d Msddld Izgn`jlm( Wtiijrfl [jnmf ]fwajlm{nl ]dw{`nsd-

    iflk

    ]zn`jlm

    Cn{{n` 65$ nb

    ingfi iflkn}ldsw

    5,6$

    !5,6$*

    5,6$

    !5,6$*

    5,6$

    !5,6$*

    5,3$

    !5,3$*

    5,6$

    !5,6$*

    5,6$

    !5,6$*

    5,6$

    !5,6$*

    5,6$

    !5,6$*

    5,6$

    !5,6$*

    5,3$

    !5,3$*

    5,6$

    !5,6$*

    66-35$ nb ingfi

    iflkn}ldsw

    5,6$

    !5,3$*

    5,7$

    !5,;$*

    5,3$

    !5,7$*

    5,7$

    !5,;$*

    5,6$

    !5,3$*

    5,3$

    !5,7$*

    5,3$

    !5,3$*

    5,6$

    !5,3$*

    5,3$

    !5,7$*

    5,7$

    !5,2$*

    5,3$

    !5,7$*

    36-75$ nb ingfiiflkn}ldsw

    5,3$!5,;$*

    5,4$!5,:$*

    5,7$!5,2$*

    5,;$!5,1$*

    5,3$!5,;$*

    5,3$!5,4$*

    5,7$!5,4$*

    5,3$!5,7$*

    5,;$!5,=$*

    5,2$!6,3$*

    5,7$!5,2$*

    76-;5$ nb ingfi

    iflkn}ldsw

    5,7$

    !5,=$*

    5,=$

    !6,2$*

    5,7$

    !5,:$*

    5,4$

    !6,7$*

    5,7$

    !5,=$*

    5,7$

    !5,1$*

    5,;4

    !5,:$*

    5,7$

    !5,2$*

    5,;$

    !6,6$*

    5,=$

    !6,1$*

    5,4$

    !6,6$*

    ;6-45$ nb ingfi

    iflkn}ldsw

    5,2$

    !6,3$*

    5,:$

    !3,4$*

    5,4$

    !6,;$*

    5,=$

    !3,5$*

    5,;$

    !6,6$*

    5,;$

    !6,3$*

    5,2$

    !6,4$*

    5,4$

    !6,3$*

    5,=$

    !6,1$*

    5,:$

    !3,=$*

    5,1$

    !6,:$*

    46-25$ nb ingfi

    iflkn}ldsw

    6,6$

    !3,7$*

    6,;$

    !7,:$*

    5,1$

    !3,7$*

    6,6$

    !7,5$*

    5,=$

    !6,1$*

    5,=$

    !6,:$*

    6,5$

    !3,2$*

    6,5$

    !3,3$*

    5,1$

    !3,2$*

    6,3$

    !7,:$*

    6,3$

    !7,6$*

    26-=5$ nb ingfi

    iflkn}ldsw

    3,2$

    !;,:$*

    3,3$

    !2,6$*

    6,;$

    !7,=$*

    6,=$

    !;,=$*

    6,4$

    !7,;$*

    6,3$

    !7,6$*

    3,6$

    !;,=$*

    3,7$

    !;,4$*

    6,3$

    !7,1$*

    6,=$

    !4,2$*

    3,6$

    !4,3$*

    =6-15$ nb ingfi

    iflkn}ldsw

    2,6$

    !66,5$*

    7,:$

    !65$*

    3,1$

    !2,4$*

    3,:$

    !=,2$*

    ;,=$

    !1,6$*

    3,7$

    !4,;$*

    ;,2$

    !:,7$*

    4,6$

    !:,4$*

    3,6$

    !4,:$*

    3,:$

    !1,4$*

    ;,4$

    !:,=$*

    16-:5$ nb ingfi

    iflkn}ldsw

    62,;$

    !3=,7$*

    :,1$

    !6:,1$*

    =,=$

    !6;,6$*

    =,3$

    !6;,=$*

    62,;$

    !3;,4$*

    =,3$

    !63,=$*

    63,1$

    !33,6$*

    6;,7$

    !37,1$*

    4,1$

    !66,=$*

    2,7$

    !6;,1$*

    63,1$

    !33,4$*

    [nu :6-655$ nb

    ingfi iflkn}ldsw

    =3,=$

    !655$*

    15,7$

    !655$*

    14,:$

    !655$*

    14,7$

    !655$*

    =4,4$

    !655$*

    1=,;$

    !655$*

    ==,:$

    !655$*

    =2,3$

    !655$*

    11,7$

    !655$*

    14,3$

    !655$*

    ==,2$

    !655$*(Dl{jsd gntl{z) ln{ htw{ {ad w`fiids @fsgdiitw wafid sdmjnl

    Kndw ln{ fkk {n 655$ ktd {n sntlkjlm dssns

    Kf{f wntsgd8 Gntl{z uiflljlm nbbjgd iflkn}ldswaju kf{f

  • 7/31/2019 Shale Gas Roulette

    10/15

    @fsgdiitw Wafid8 Iflk N}ldswaju) Ingfi Rnjgd) flk {ad Kjw{sjct{jnl nb Idfwd " Snzfi{z Kniifsw

    Gdl{ds bns Dgnln`jg " Gn``tlj{z Kdrdinu`dl{ a{{u8..fdwd,uwt,dkt.sdwdfsga.gdl{dsw.gdgk 65

    [fcid 4, Iflkn}ldswaju jl Dfga Gntl{z) Cz Fkksdww nb N}lds

    Fkksdww nb N}lds

    Wafsd nb Iflk Fsdf N}ldk

    Csfkbnsk Ct{ids Gidfsbjdik Bfzd{{d Msddld Izgn`jlm( Wtiijrfl [jnmf ]fwajlm{nl ]dw{`nsd-

    iflk

    ]zn`jlm ]djma{dk

    Frdsfmd/

    Utcijg Wdg{ns!`nw{iz Gn``nl}dfi{a nb

    Udllwzirfljf*

    1,2$ 4,2$ 61,4$ 63,=$ ;,3$ 73,2$ 7=,4$ 3;,:$ ;,6$ 2,=$ 64,6$ 67,6$

    Nt{wjkd nb Gntl{z 76,6$ 6:,4$ 75,2$ 3;,:$ 7;,7$ 6:,5$ 77,3$ 3=,4$ 61,7$ 36,6$ 73,7$ 32,=$

    Jlwjkd Gntl{z 25,7$ =4,5$ 45,:$ 23,;$ 26,4$ ;1,;$ 3:,7$ ;=,=$ ==,2$ =3,7$ 43,2$ 25,3$

    Csdfokn}l

    nbGntl{zSdwjkdl{

    N}ldswczKdgjid

    Cn{{n` 65$ nb

    ingfi iflkn}ldsw5,6$ 5,6$ 5,6$ 5,6$ 5,6$ 5,5$ 5,5$ 5,5$ 5,6$ 5,6$ 5,6$ 5,6$

    66-35$ nb ingfi

    iflkn}ldsw5,6$ 5,3$ 5,6$ 5,3$ 5,6$ 5,6$ 5,6$ 5,5$ 5,3$ 5,3$ 5,6$ 5,6$

    36-75$ nb ingfi

    iflkn}ldsw5,6$ 5,;$ 5,3$ 5,3$ 5,6$ 5,6$ 5,6$ 5,6$ 5,7$ 5,;$ 5,3$ 5,3$

    76-;5$ nb ingfi

    iflkn}ldsw5,3$ 5,4$ 5,3$ 5,7$ 5,3$ 5,6$ 5,6$ 5,6$ 5,7$ 5,4$ 5,7$ 5,7$

    ;6-45$ nb ingfi

    iflkn}ldsw5,;$ 5,=$ 5,7$ 5,;$ 5,3$ 5,3$ 5,3$ 5,3$ 5,4$ 5,=$ 5,;$ 5,;$

    46-25$ nb ingfi

    iflkn}ldsw5,=$ 6,5$ 5,;$ 5,=$ 5,;$ 5,7$ 5,7$ 5,4$ 5,2$ 5,:$ 5,2$ 5,2$

    26-=5$ nb ingfi

    iflkn}ldsw6,2$ 6,2$ 5,=$ 6,6$ 5,:$ 5,2$ 5,2$ 6,6$ 5,:$ 6,3$ 6,6$ 6,6$

    =6-15$ nb ingfi

    iflkn}ldsw7,=$ 3,:$ 6,;$ 6,1$ 3,:$ 6,6$ 6,7$ 3,;$ 6,2$ 3,6$ 3,;$ 3,7$

    16-:5$ nb ingfiiflkn}ldsw

    :,:$ =,7$ 7,:$ ;,4$ 65,6$ 7,4$ 7,=$ 2,1$ ;,4$ ;,2$ 2,=$ 2,3$

    [nu :6-655$nb

    ingfi iflkn}ldsw;7,:$ 25,3$ ;7,=$ 47,3$ ;2,;$ ;3,7$ 33,1$ 72,7$ 21,4$ 26,2$ ;5,1$ ;1,:$

    (Dl{jsd gntl{z) ln{ htw{ {ad w`fiids @fsgdiitw wafid sdmjnl

    /N`j{w Izgn`jlm Gntl{z

    Kf{f wntsgd8 Gntl{z uiflljlm nbbjgd iflk n}ldswaju kf{f

    Kndw ln{ fkk {n 655$ ktd {n sntlkjlm dssns

  • 7/31/2019 Shale Gas Roulette

    11/15

    @fsgdiitw Wafid8 Iflk N}ldswaju) Ingfi Rnjgd) flk {ad Kjw{sjct{jnl nb Idfwd " Snzfi{z Kniifsw

    Gdl{ds bns Dgnln`jg " Gn``tlj{z Kdrdinu`dl{ a{{u8..fdwd,uwt,dkt.sdwdfsga.gdl{dsw.gdgk 66

    j, Ingfi Gnl{sni !ns Rnjgd* Nrds @fsgdiitw Wafid Kdrdinu`dl{[ad MJW flfizwjw jl [fcid 4 gnlrdzw {ad sdif{jrd rnjgd {af{ iflkn}ldsw afrd {asntma {adjs idfwjlm

    kdgjwjnlw fcnt{ }ad{ads @fsgdiitw ksjiijlm wantik nggts }j{ajl {ad gntl{z, Sdwjkdl{ iflkn}ldsw jl

    Ct{ids Gntl{z gnl{sni =4 udsgdl{ nb {ad {n{fi iflk fsdf {adsd) }ajid sdwjkdl{ iflkn}ldsw jl Wtiijrfl

    Gntl{z nliz gnl{sni 3:,7 udsgdl{ nb {ad {n{fi iflk fsdf) sdbidg{jlm ifsmd kjbbdsdlgdw cd{}ddl {ad

    gntl{jdw jl w{f{d flk.ns lnl-sdwjkdl{ iflkn}ldswaju flk gntl{z sdwjkdl{ iflkn}ldswaju, Ct{ids Gntl{z

    jw htw{ lns{a nb Uj{{wctsma) }j{a sdif{jrdiz ij{{id w{f{d n}ldk iflk flk sdif{jrdiz bd}ds wdgnlk an`dw flk

    gf`uw, Jl gnl{sfw{) Wtiijrfl Gntl{z jw f rdsz stsfi gntl{z jl {ad lns{adsl {jds) }j{a f rdsz w fii

    unutif{jnl !nliz 2);31 jl 3565) fggnskjlm {n {ad T,W, Gdlwtw*, Fi`nw{ {}n-bjb{aw nb {ad iflk jw w{f{d-

    n}ldk iflk !7=,4 udsgdl{ nb {ad iflk fsdf*) flk nld-{ajsk jw n}ldk cz udnuid ijrjlm nt{wjkd {ad gntl{z,

    [ad ingfi dgnln`z sdijdw adfrjiz tunl {ntsjw` flk wdgnlk an`dw, [adwd kjbbdsdlgdw jl iflkn}ldswaju

    fgsnww gntl{jdw sdbidg{ ifsmd rfsjf{jnlw jl {ad dq{dl{ {n }ajga udnuid ijrjlm jl {ad gntl{jdw gfl jlbitdlgd

    kdgjwjnlw sdmfskjlm @fsgdiitw kdrdinu`dl{,

    [ad Gn``nl}dfi{a mnrdsl`dl{ n}lw fcnt{ 67,6 udsgdl{ nb {ad {n{fi iflk fsdf jl {adwd {dl

    Udllwzirfljf gntl{jdw)7 }ajid fl fkkj{jnlfi 32,= udsgdl{ jw n}ldk cz iflkn}ldsw ijrjlm nt{wjkd {ad

    sdwudg{jrd gntl{jdw, [nmd{ads) {ajw `dflw {af{ lnl-sdwjkdl{w `fod kdgjwjnlw fcnt{ ;5 udsgdl{ nb {adiflk fsdf jl {adwd gntl{jdw) }j{a {ajw udsgdl{fmd nb lnl-sdwjkdl{ gnl{sni rfszjlm cd{}ddl {ad gntl{jdw)

    bsn` 33,; udsgdl{ jl ]fwajlm{nl Gntl{z {n =5,= udsgdl{ jl Wtiijrfl Gntl{z,

    [ad rnjgd nb{ad iflkn}ldsw ijrjlm }j{ajl {ad gntl{jdw jw ajmaiz gnlgdl{sf{dk jl f sdif{jrdiz w`fii wafsd

    nb iflkn}ldsw, F ij{{id idww {afl afib nb {ad {n{fi iflk fsdf jl {adwd gntl{jdw !;1,: udsgdl{* jw n}ldk cz

    {ad {nu 65 udsgdl{ nb sdwjkdl{ iflkn}ldsw, [ajw rfsjdw vtj{d f cj{ fgsnww {ad gntl{jdw) bsn` f in} nb 33,1

    udsgdl{ jl Wtiijrfl Gntl{z) {n f ajma nb 21,4 udsgdl{ jl ]fwajlm{nl Gntl{z ![fcid 4*, Jl gnl{sfw{) {ad

    cn{{n` 15 udsgdl{ nb sdwjkdl{ iflkn}ldsw {nmd{ads nliz gnl{sni cd{}ddl 3,4 udsgdl{ flk =,; udsgdl{ nb

    {ad iflk fsdf jl {adwd gntl{jdw !fkk {ad Cn{{n` 65$ {asntma =6-15$ kdgjidw* !Izgn`jlm flk Ct{ids

    gntl{jdw) sdwudg{jrdiz*,

    [ad udsgdl{fmd nb gntl{z sdwjkdl{w afrjlm f bns`fi rnjgd jl }ad{ads flk an} lf{tsfi mfw kdrdinu`dl{nggtsw jw w`fiids {afl {adwd lt`cdsw gnlrdz) an}drds) cdgftwd [fcid 4 jmlnsdw gntl{z sdwjkdl{w }an

    n}l ln iflk, Fw kjwgtwwdk usdrjntwiz) {ad udsgdl{fmd nb antwdanikw jl {adwd didrdl gntl{jdw }an sdl{)

    flk {atw kn ln{ afrd {ad ganjgd nb idfwjlm usnuds{z bns mfw kdrdinu`dl{) sflmdw cd{}ddl 6=,; flk 75,3

    udsgdl{,;

    7Izgn`jlm Gntl{z jw n`j{{dk bsn` {ajw gfigtif{jnl

    ; [ad iflkn}ldswaju kf{f jl [fcid 4 flk {ad Gdlwtw antwdanik sdl{jlm.n}ldswaju jlbns`f{jnl gflln{

    cd kjsdg{iz gn`cjldk cdgftwd {ad bns`ds jlgitkdw ctwjldww) atl{jlm gf`u) iflk {stw{) flk n{ads lnl-

    antwdanik usnuds{z n}ldsw,

  • 7/31/2019 Shale Gas Roulette

    12/15

    @fsgdiitw Wafid8 Iflk N}ldswaju) Ingfi Rnjgd) flk {ad Kjw{sjct{jnl nb Idfwd " Snzfi{z Kniifsw

    Gdl{ds bns Dgnln`jg " Gn``tlj{z Kdrdinu`dl{ a{{u8..fdwd,uwt,dkt.sdwdfsga.gdl{dsw.gdgk 63

    jj, Kjw{sjct{jnl nb Idfwd flk Snzfi{z Kniifsw[ad iflkn}ldswaju kf{f jl [fcid 4 fiwn sdbidg{w an} idfwd flk snzfi{z kniifsw bsn` @fsgdiitw Wafid

    kdrdinu`dl{ }jii cd kjw{sjct{dk jl ingf{jnlw }adsd {ad iflk n}ldsw fiwn n}l {ad `jldsfi sjma{w, Gntl{z

    sdwjkdl{w) jlgitkjlm jlkjrjktfiw) antwdanikw) ingfi ctwjldwwdw) atl{jlm gf`uw) flk n{ads n}ldsw cfwdk jl

    {ad gntl{z) }jii sdgdjrd fcnt{ 25,3 udsgdl{ nb fii idfwjlm flk snzfi{z kniifsw mdldsf{dk cz ksjiijlm jl {ad

    {dl gntl{jdw,4 Lnl-gntl{z sdwjkdl{ iflkn}ldsw }jii sdgdjrd fcnt{ 32,= udsgdl{ nb fii idfwd flk snzfi{z

    kniifsw) }ajid {ad utcijg wdg{ns }jii sdgdjrd fcnt{ 67,6 udsgdl{,

    [ad kjw{sjct{jnl nb idfwd flk snzfi{z jlgn`d f`nlm gntl{z sdwjkdl{ iflkn}ldsw jw jkdl{jgfi {n {ad

    kjw{sjct{jnl nb iflk n}ldswaju flk rnjgd fw kjwgtwwdk jl {ad usdrjntw wdg{jnl, [ad {nu 65 udsgdl{ nb

    {ad ifsmdw{ ingfi iflkn}ldsw jl {ad gntl{jdw }jii sdgdjrd cd{}ddl 33,1 udsgdl{ flk 21,4 udsgdl{ nb fii

    idfwd flk snzfi{z kniifsw mdldsf{dk jl {anwd gntl{jdw !Wtiijrfl flk ]fwajlm{nl gntl{jdw) sdwudg{jrdiz*,

    Fw }j{a {ad ingfi rnjgd) {ad kjw{sjct{jnl nb {adwd idfwd ns snzfi{z kniifsw f`nlm fii sdwjkdl{w }jii cd

    `nsd gnlgdl{sf{dk {afl {ad kdgjidw jl [fcid 4 jlkjgf{d cdgftwd {ad flfizwjw n`j{w sdwjkdl{w }an sdl{,

    ;, J`uijgf{jnlw[ad MJW flfizwjw jlkjgf{dw {af{ n}ldswaju nb {ad iflk jl {ad Udllwzirfljf gntl{jdw }j{a {ad `nw{

    @fsgdiitw ksjiijlm fg{jrj{z jw gnlgdl{sf{dk jl f sdif{jrdiz w`fii wafsd nb sdwjkdl{w) flk jl n}ldsw bsn`

    nt{wjkd {ad gntl{z, [ad `fhnsj{z nb sdwjkdl{w nb {adwd gntl{jdw {nmd{ads n}l ij{{id nb {ad {n{fi iflk fsdf)

    flk wn afrd sdif{jrdiz ij{{id rnjgd jl {ad gsj{jgfi idfwjlm kdgjwjnlw }ajga fbbdg{ }ad{ads flk an}

    @fsgdiitw wafid ksjiijlm }jii nggts jl {adjs gntl{z, Afib nb {ad sdwjkdl{ iflkn}ldsw jl {ad gntl{jdw

    {nmd{ads nliz gnl{sni 6,6 udsgdl{ nb {ad iflk fsdf) flk sdl{dsw afrd ln rnjgd f{ fii, Sf{ads j{ jw {ad {nu

    65 udsgdl{ nb sdwjkdl{ iflkn}ldsw) uitw nt{wjkd iflkn}ldsw !cn{a utcijg flk usjrf{d*) }an fsd fcid {n

    `fod {ad `fhns idfwjlm kdgjwjnlw {af{ fbbdg{ {ad sdw{ nb {ad gn``tlj{z, Jl wn`d gntl{jdw) wtga fw

    Wtiijrfl) [jnmf) flk Izgn`jlm) lnl-sdwjkdl{w afrd nsd rnjgd fcnt{ }af{ nggtsw {afl kn gntl{z

    sdwjkdl{w) cdgftwd `nsd {afl afib nb {ad iflk jw n}ldk cz {anwd nt{wjkd {ad gntl{z,

    [ad flfizwjw bts{ads`nsd jlkjgf{dw {af{ f fhnsj{z nb idfwd flk snzfi{z jlgn`d bsn` @fsgdiitw wafid

    kdrdinu`dl{ }jii mn {n f sdif{jrdiz w`fii wafsd nb {ad sdwjkdl{ unutif{jnl jl {adwd gntl{jdw) }j{a tga

    nb {ad sd`fjlkds mnjlm {n n{adsw nt{wjkd {ad gntl{jdw, F ij{{id idww {afl afib !;1,: udsgdl{* nb {ad idfwd

    flk snzfi{z kniifsw jl {adwd gntl{jdw }jii mn {n {ad {nu {dl udsgdl{ nb ingfi iflkn}ldsw) }ajid 7:,1

    udsgdl{ }jii mn {n {ad utcijg wdg{ns ns lnl-sdwjkdl{ iflkn}ldsw, [ad sd`fjljlm 66,7 udsgdl{ nb idfwd

    flk snzfi{z jlgn`d }jii cd kjrjkdk cd{}ddl {ad cn{{n` :5 udsgdl{ nb ingfi iflkn}ldsw,

    Sdgdl{ w{tkjdw wan} {af{ {ad dgnln`jg cdldbj{w bsn` wafid mfw kdrdinu`dl{ fsd `nsd {afl htw{ {adwd

    idfwd flk snzfi{z kniifsw) wn sdwjkdl{w n}ljlm ij{{id ns ln iflk fz cd cdldbj{{jlm jl n{ads }fzw bsn`

    @fsgdiitw wafid kdrdinu`dl{, Tld`uinz`dl{ sf{dw mdldsfiiz afrd cddl in}ds jl gntl{jdw }j{a `tga

    @fsgdiitw wafid fg{jrj{z !Gdl{ds bns ]nsobnsgd Jlbns`f{jnl flk Flfizwjw) 3566*) bns dqf`uid) flk sd{fji

    wfidw afrd jlgsdfwdk ksf`f{jgfiiz jl wn`d @fsgdiitw gntl{jdw !Gnw{flxn flk Odiwdz) 3563*, @flz ingfictwjldwwdw fsd sduns{jlm wjmljbjgfl{ jlgsdfwdw jl wfidw !]fsk flk Odiwdz) 3566*, An} csnfk-cfwdk {adwd

    cdldbj{w fsd flk an} {adz fsd kjw{sjct{dk f`nlm sdwjkdl{w jw tlgidfs bsn` {adwd usjns w{tkjdw) an}drds)

    ct{ jw j`uns{fl{ {n oln} {n tlkdsw{flk {ad dgnln`jg flk gn``tlj{z j`uijgf{jnlw nb @fsgdiitw wafid

    kdrdinu`dl{) ufs{jgtifsiz bns {ad :5 udsgdl{ nb ingfi iflkn}ldsw }j{a ij{{id iflk) flk bns {ad antwdanikw

    }an sdl{,

    4Gfigtif{jnl n`j{w Izgn`jlm Gntl{z

  • 7/31/2019 Shale Gas Roulette

    13/15

    @fsgdiitw Wafid8 Iflk N}ldswaju) Ingfi Rnjgd) flk {ad Kjw{sjct{jnl nb Idfwd " Snzfi{z Kniifsw

    Gdl{ds bns Dgnln`jg " Gn``tlj{z Kdrdinu`dl{ a{{u8..fdwd,uwt,dkt.sdwdfsga.gdl{dsw.gdgk 67

    J{ jw gidfs bsn` dqudsjdlgd {af{ sdwjkdl{w jl {ad gntl{jdw }j{a `tga ksjiijlm fg{jrj{z fsd kdfijlm }j{a

    kjwstu{jnlw flk gaflmd) wtga fw sjwjlm sdl{w flk antwjlm usjgdw flk antwjlm wans{fmdw !]jiijf wnl flk

    Onic) 3566*) wjmljbjgfl{ jlgsdfwdw jl {sfbbjg flk snfk gnlmdw{jnl) gaflmjlm kd`flkw bns ingfi mnrdsl`dl{

    wdsrjgdw) flk jlgsdfwdk gnlbijg{ }j{ajl {ad gn``tlj{z !Hfgvtd{) 355:? Odiwdz flk ]fsk) 3566*) gnlgdslw

    fcnt{ dlrjsnl`dl{fi gnlwdvtdlgdw !W{dk`fl d{ fi) 3566*) w{tkdl{ {tslnrds jl utcijg wganniw fw bf`jijdw

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  • 7/31/2019 Shale Gas Roulette

    14/15

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  • 7/31/2019 Shale Gas Roulette

    15/15

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