Russia, OPEC mulled shale developments at recent meeting

MOSCOW, Nov. 8 (UPI) -- The Organization of Petroleum Exporting Countries said its secretary general recently discussed shale oil and gas developments with the Russian energy minister.

OPEC's Abdalla el-Badri met Alexander Novak in Moscow in late October and OPEC published a readout of the meeting Friday.


"The experts discussed the status and recent developments of shale gas and tight oil [oil locked in low-permeable rock]," OPEC said.

The organization said the two sides discussed the investment costs associated with shale, its sustainability and the environmental impacts of shale exploration.

New technologies for extracting oil and natural gas from shale in North America mean its regional economies are relying less on OPEC for their natural resources.

OPEC has previously discounted the pressure from North American oil developments. Rosneft, one of Russia's leading oil companies, said last month it was still one of the world's premier energy explorers despite shale gains.

Environmental groups are critical of the practice. Some of the chemicals used in the process are seen as threats to groundwater.

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