Australia Trails US by a Decade in Shale Gas Development

With higher cost and lack of latest drilling technology, Australia lags behind the US by at least a decade when it comes to developing its shale gas resources, Bloomberg reported citing a report from UBS.

Santos Ltd., Beach Energy Ltd., Senex Energy Ltd. and AWE Ltd. are some of the players involved in shale-gas projects in Australia.

Australia has almost 400 trillion cubic feet of estimated shale gas that may be recoverable.

Advances in technology have unlocked massive resource potential in North America, while international oil companies need to redeploy vast cash flows, UBS said.