The Shale Revolution, Its Geopolitical Implications, and a Window of Opportunity for Northeast Asia
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The shale oil and gas production boom has played a significant role in bringingabout the recent precipitous fall in oil and gas prices, and in catapulting the UnitedStates into first place for oil production last year, ahead of Saudi Arabia. A numberof factors at the core of the boom in the United States have contributed to itssuccess: the combination of technological breakthroughs (e.g., horizontal drillingand hydraulic fracturing); talented entrepreneurship; a business-friendly financialmarket; technological R/D initiatives supported by the government; favorablegeological conditions; and the property-rights regime. The EU and Asia alsostand to gain from the shale windfall; Russia, Saudi Arabia, Iran, and other OPECmembers, on the other hand, are facing seriously negative impacts. NortheastAsia—particularly the Republic of Korea (ROK), China, and Japan—may have anopportunity to benefit from the “Shale Revolution,” with the potential emergenceof natural gas trading hubs in the region. This paper seeks to (1) identify the currentstatus of the Shale Revolution, including the factors responsible for its successand the role of entrepreneurship in the shale breakthrough; (2) examine thegeopolitical implications of the shale boom on important global players; and (3)explore the window of opportunity that is now open to nations in the NortheastAsia region related to the Shale Revolution.
Abstract
The shale oil and gas production boom has played a significant role in bringingabout the recent precipitous fall in oil and gas prices, and in catapulting the UnitedStates into first place for oil production last year, ahead of Saudi Arabia. A numberof factors at the core of the boom in the United States have contributed to itssuccess: the combination of technological breakthroughs (e.g., horizontal drillingand hydraulic fracturing); talented entrepreneurship; a business-friendly financialmarket; technological R/D initiatives supported by the government; favorablegeological conditions; and the property-rights regime. The EU and Asia alsostand to gain from the shale windfall; Russia, Saudi Arabia, Iran, and other OPECmembers, on the other hand, are facing seriously negative impacts. NortheastAsia—particularly the Republic of Korea (ROK), China, and Japan—may have anopportunity to benefit from the “Shale Revolution,” with the potential emergenceof natural gas trading hubs in the region. This paper seeks to (1) identify the currentstatus of the Shale Revolution, including the factors responsible for its successand the role of entrepreneurship in the shale breakthrough; (2) examine thegeopolitical implications of the shale boom on important global players; and (3)explore the window of opportunity that is now open to nations in the NortheastAsia region related to the Shale Revolution.
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