Ageing well. Is it time to look at international shale again?

As the entire upstream business resets after 2020, the industry’s largest planning teams are thinking far into the future. The core makeup of future upstream portfolios is as important as ever, even while the discussion is consumed by the challenges and opportunities of the energy transition. For timelines beyond a decade away, should operators revisit global shale opportunities? Any re-engagement with past shale projects will still move slowly, and shale production abroad will never compete with US unconventional volumes. Value creation in Lower 48 shale has been directly tied to price cycles and exploiting basins with an existing upstream footprint. Internationally, the opportunity set under the same formula looks interesting. We outline are five reasons why the next global exploration uptick should include strategic evaluations of some non-US shale basins.