Shale exploration update: Mexico and Russia

For our September 2014 update, we focus on unconventional assets affected by reform in Mexico and increased investment in Russian tight oil.  In Mexico, we have been able to divide the shale opportunity into two plays.  In Russia, the Domanik tight oil play is actually forecast to produce more than the better known Bazhenov by 2020. A bid round in Colombia also led to greater discussion of the country's unconventional assets, particularly the La Luna Shale and potential CBM assets.