CNBC: Is a US-style shale revolution coming for Australia?

Australia, home to the world's seventh largest recoverable shale gas reserves, has several characteristics conducive for commercializing the resource including existing infrastructure, industry know-how and low population density in shale-rich regions.

So, what is the potential for a U.S.-like shale revolution in the country?

Australia has an estimated 437 trillion cubic feet of recoverable shale gas reserves, according to the Energy Information Administration (EIA), around two-thirds of the U.S.'s 665 trillion cubic feet – the world's fourth largest – and two-fifths of China's 1,115 trillion cubic feet – the world's largest. 

"Broadly most people would recognize Australia is the closest analogy [to the U.S.], with our infrastructure position and unconventional shale gas opportunities," James Baulderstone, vice president, Eastern Australia at oil and gas firm Santos, told CNBC. 

The Australian shale gas industry is still in its infancy, but exploration has increased in the last few years. The sector has been drawing international interest from global players. The likes of Chevron, ConocoPhillips, Statoil,Total, BG Group, have invested over $1.55 billion in Australia's shale gas industry as of mid-2013, according to EIA. MORE