tight oil

Readers will be familiar with the issue of shale gas - its potential to change the world energy market and the controversies surrounding its development. But you might be less familiar with tight oil – oil from shale rock which can also be extracted by hydraulic fracturing. That is the next story and its development particularly in the UK will be every bit as controversial. Even the publication of the initial basic survey of the resources in place is being held up by political nervousness. 

Few countries can afford to turn away from the prospect of developing 5bn bbl of oil, but France, as ever, is exceptional. François Hollande, the socialist president, has refused to allow hydraulic fracking. In France, fracking is associated in the public mind with shale gas – a form of energy which is thought of, alongside Anglo-Saxon banks, McDonalds and other manifestations of globalisation, as fundamentally un-French and therefore bad.

France has plenty of shale gas which will now never be developed, presumably. The president’s announcement did not mention the country’s ‘tight oil’ resources. The question being asked in Paris is whether Mr Hollande knew just how great the prize of tight oil could be.