Platts: Global shale resources will take time to develop: Chevron CEO

While global shale oil and natural gas resources are abundant, Chevron CEO John Watson on Tuesday said it could take perhaps a decade or more before many of those reserves can be developed.

The US Energy Information Administration in a Monday report estimated there are 345 billion barrels of oil and 7,299 Tcf of gas in technically recoverable, unproven global shale resources that could be exploited with existing technology.

Speaking at the Center for Strategic and International Studies in Washington, Watson said many of those shale plays are in areas, such as central Europe, that have not been studied and where little to no drilling has occurred.  MORE