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1. Shale Gas Market
2014-2024
Expenditure Forecasts For Key Markets, Plays & The
Prospects For Leading Companies
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2. Contents
1. Report Overview
1.1 Shale Gas Market Overview
1.2 Global Shale Gas Market Segmentation
1.3 Why You Should Read This Report
1.4 How This Report Delivers?
1.5 Key Questions Answered by This Analytical Report Include:
1.6 Who Is This Report For?
1.7 Market Definition
1.8 Methodology
1.9 Frequently Asked Questions (FAQs)
1.10 Associated Visiongain Reports
1.11 About Visiongain
2. Introduction to the Shale Gas Market
2.1 Global Shale Gas Resources
2.2 Global Shale Gas Market Share
2.3 Global Shale Gas Economics
2.4 Current Trends in the Global Shale Gas Market
2.4.1 Natural Gas Prices
2.4.2 Increasing Influence of Large Multi-National Companies
2.4.3 Growing Number of Joint Ventures
2.4.4 Improving Operational Efficiency
2.4.5 Shift from Gas to Liquids
2.4.6 Hedging Issues
3. Global Shale Gas Market 2014-2024
3.1 Global Shale Gas Market Forecast 2014-2024
3.2 Global Shale Gas Market Drivers & Restraints
3.3 Emulating the US Shale Gas Revolution?
3.3.1 Contextual Factors Affecting the Shale Gas Market
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3. Contents
3.3.1.1 Geology
3.3.1.2 Industry
3.3.1.3 Regulation
3.3.1.4 Demand
3.3.1.5 Finance
3.3.1.6 Water
3.3.1.7 Pipelines
3.3.2 Shale Gas in the North American Market compared to Elsewhere
4. Leading National Shale Gas Markets 2014-2024
4.1 Leading National Shale Gas Markets Forecast 2014-2024
4.1.1 Leading National Shale Gas Markets Share Forecast 2014, 2019, 2024
4.2 Global Shale Gas Market: Barriers to Entry Analysis
4.3 US Shale Gas Market Forecast 2014-2024
4.3.1 US Shale Gas Market Drivers & Restraints
4.3.2 US Shale Gas Market Analysis
4.3.2.1 Barnett Shale Gas Play Forecast 2014-2024
4.3.2.2.1 Barnett Shale Gas Play Analysis
4.3.2.2 Eagle Ford Shale Gas Play Forecast 2014-2024
4.3.2.2.1 Eagle Ford Shale Gas Play Analysis
4.3.2.3 Haynesville Shale Gas Play Forecast 2014-2024
4.3.2.3.1 Haynesville Shale Gas Play Analysis
4.3.2.4 Marcellus Shale Gas Play Forecast 2014-2024
4.3.2.4.1 Marcellus Shale Gas Play Analysis
4.3.2.5 Utica Shale Gas Play Forecast 2014-2024
4.3.2.5.1 Utica Shale Gas Play Analysis
4.3.2.6 ‘Other’ US Shale Gas Plays Forecast 2014-2024
4.4 Canadian Shale Gas Market Forecast 2014-2024
4.4.1 Canadian Shale Gas Market Drivers & Restraints
4.4.2 Canadian Shale Gas Market Analysis
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4. Contents
4.5 Chinese Shale Gas Market Forecast 2014-2024
4.5.1 Chinese Shale Gas Market Drivers & Restraints
4.5.2 Chinese Shale Gas Market Analysis
4.6 Argentinean Shale Gas Market Forecast 2014-2024
4.6.1 Argentinean Shale Gas Market Drivers & Restraints
4.6.2 Argentinean Shale Gas Market Analysis
4.7 Australian Shale Gas Market Forecast 2014-2024
4.7.1 Australian Shale Gas Market Drivers & Restraints
4.7.2 Australian Shale Gas Market Analysis
4.8 European Shale Gas Market Forecast 2014-2024
4.8.1 European Shale Gas Market Drivers & Restraints
4.8.2 European Shale Gas Market Analysis: Germany
4.8.3 European Shale Gas Market Analysis: Poland
4.8.4 European Shale Gas Market Analysis: Romania
4.8.5 European Shale Gas Market Analysis: UK
4.8.6 European Shale Gas Market Analysis: Ukraine
4.9 Rest of World (RoW) Shale Gas Market Forecast 2014-2024
4.9.1 Rest of World (RoW) Shale Gas Market Drivers & Restraints
4.9.2 Rest of World (RoW) Shale Gas Market Analysis
4.9.3 RoW Shale Gas Market Analysis: Algeria
4.9.4 RoW Shale Gas Market Analysis: India
4.9.5 RoW Shale Gas Market Analysis: Indonesia
4.9.6 RoW Shale Gas Market Analysis: Mexico
4.9.7 RoW Shale Gas Market Analysis: South Africa
5. PEST Analysis of the Shale Gas Market 2014-2024
5.1 Political Factors
5.2 Economic Factors
5.3 Social Factors
5.4 Technological Factors
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5. Contents
6. Expert Opinion
6.1 Velocys
6.1.1 Future of the Marcellus and Utica Shale
6.1.2 Gas Price Dynamics
6.1.3 Velocys in the Marcellus/Utica
6.1.4 Velocys outside of the Marcellus/Utica
6.1.5 Opportunities Outside North America
6.2 Ohio Oil and Gas Association
6.2.1 Future of the Utica Shale
6.2.2 Gas Price Dynamics
6.2.3 Operations in the Utica
6.2.4 OOGA’s Role
7. Leading Companies in the Shale Gas Market
7.1 Anadarko Petroleum Corporation Company Profile
7.2 Antero Resources Company Profile
7.3 BHP Billiton Company Profile
7.4 Chesapeake Energy Company Profile
7.5 Chevron Corporation Company Profile
7.6 Devon Energy Company Profile
7.7 ExxonMobil Company Profile
7.8 Royal Dutch Shell Company Profile
7.9 Southwestern Energy Company Profile
7.10 Statoil Company Profile
7.11 Other Leading Companies in the Shale Gas Market
8. Conclusion and Recommendations
8.1 Shale Gas Market Outlook
8.2 Key Findings in the Shale Gas Market
8.3 Recommendations for the Shale Gas Market
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6. Shale Gas Market 2014-2024: Expenditure Forecasts
for Key Markets, Plays & The Prospects For Leading
Companies
Over time the productivity of the Marcellus shale will decline because shale gas wells are driven by
pressure and as extraction reduces the pressure, the rate of flow decreases over time. This
explains the often dramatic curves seen on shale production graphs with drilling producing large
amounts of gas in the first few years and then steeply declining. Although production will decline, it
will not completely diminish and it is expected that drilling activity in the Marcellus will remain highly
productive for several decades ahead, hence visiongain believes that the Marcellus market will
continue to grow throughout the forecast period.
4.3.2.5 Utica Shale Gas Play Forecast 2014-2024
Table 4.11 and Figures 4.30 and 4.31 show the market outlook for the Utica shale gas play over
the next ten years.
Table 4.11 Utica Shale Gas Play Market Forecast 2014-2024 ($m, AGR %, CAGR%)
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2014-24
Capex $m 2,290 2,600 2,812 3,060 3,307 3,599 3,949 4,267 4,483 4,656 4,916 5,098 42,747
AGR (%) 13.5 8.2 8.8 8.1 8.8 9.7 8.1 5.1 3.8 5.6 3.7
16
14
12
10
8
6
4
2
Page 84
Source: Visiongain 2014
Figure 4.30 Utica Shale Gas Play Market Forecast 2014-2024 ($m, AGR%)
6,000
5,000
4,000
3,000
2,000
1,000
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2019-24 5.2
7.0
CAGR (%) 2014-19 8.7
CAGR (%) 2014-24
0
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
AGR (%)
CAPEX ($m)
Source: Visiongain 2014

7. Shale Gas Market 2014-2024: Expenditure Forecasts
for Key Markets, Plays & The Prospects For Leading
Companies
4.6 Argentinean Shale Gas Market Forecast 2014-2024
Table 4.17 and Figures 4.40 and 4.41 show visiongain's forecast for the Argentinean shale gas
market over the next ten years.
Table 4.17 Argentinean Shale Gas Market Forecast 2014-2024 ($m, AGR %, CAGR%)
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2014-24
Capex $m 600 650 728 837 984 1,166 1,387 1,561 1,726 1,874 2,023 2,182 15,118
AGR (%) 8.3 12.0 15.0 17.5 18.5 19.0 12.5 10.6 8.6 7.9 7.9
20
18
16
14
12
10
8
6
4
2
Page 101
Source: Visiongain 2014
Figure 4.40 Argentinean Shale Gas Market Forecast 2014-2024 ($m, AGR%)
2,500
2,000
1,500
1,000
500
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2019-24 9.5
12.9
CAGR (%) 2014-19 16.4
CAGR (%) 2014-24
0
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
AGR (%)
CAPEX ($m)
Source: Visiongain 2014

8. Shale Gas Market 2014-2024: Expenditure Forecasts
for Key Markets, Plays & The Prospects For Leading
Companies
6. Expert Opinion
6.1 Velocys
Michael Williams is the Vice President of Strategy and Marketing at Velocys. The company is
involved in gas-to-liquids (GTL): turning unconventional, remote and undervalued gas into highly
valuable liquid fuels & associated refined products. Hence, shale gas resources are very important
to Velocys’ activities.
6.1.1 Future of the Marcellus and Utica Shale
Visiongain: How do you think the development of the Marcellus and Utica shale will evolve over
the next decade?
Michael Williams: I think the Marcellus and Utica together is increasingly becoming the key supply
basin, certainly for unconventional reserves in North America. Today they represent roughly 25%
of all natural gas production in North America and that percentage is only expected to increase as
investment in the Utica accelerates over the next few years. I think the interesting part of that
dynamic is with technology such as ours you have the opportunity to go to the supply point,
whether that is with an upstream, midstream or downstream deployment, and create significant
value with that gas. Frankly, I think you could certainly see a world, as additional infrastructure
comes into play in the Marcellus and Utica, where that area becomes a supply basin. In turn,
locations such as the Henry Hub or US Gulf Coast, driven by factors, such as, the emerging LNG
export & petrochemical opportunities in that region, become more demand basins. So I think we’ll
see some interesting dynamics in how the market looks compared to just 7 or 8 years ago
regarding the availability of gas, how the LNG import-export universe looked at that time, and what
the basis differentials were around largely conventional gas plays providing supply to the market. In
short, that whole state of play is effectively reversing itself and as a result changing commodity
pricing dynamics as well. I think it presents some interesting questions around where opportunity
exists, in everything from an E&P investment standpoint, to mid-stream gas processing assets, to
opportunities to monetise and utilise that gas in the downstream.
6.1.2 Gas Price Dynamics
Visiongain: How do you think the price dynamics affect gas from the Marcellus and Utica?
Michael Williams: If the Marcellus/Utica really is the key continental supply basin then there
should be favourable basis differentials in the Marcellus and Utica over time versus other locations.
Page 138
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9. Shale Gas Market 2014-2024: Expenditure Forecasts
for Key Markets, Plays & The Prospects For Leading
Companies
7.4 Chesapeake Energy Company Profile
Table 7.7 Chesapeake Overview (Total Capex, Shale Gas Capex $m, Global Market
Share %, HQ, Ticker, Website)
Page 147
Source: Visiongain 2014
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2014
Total Capital Expenditure ($m) 5,400
Capital Expenditure in this market ($m) 2,988
Global Market Share % 7.2
Market Rank 3
Headquarters Oklahoma City, OK, USA
Ticker CHK
Website http://www.chk.com
Chesapeake is the second largest producer of natural gas in the US, only surpassed by the largest
oil and gas company in the world, ExxonMobil. In 2012 the company produced 1.1tcf, had 196tcf of
proved reserves and was one of the largest shale gas developers in the world with over 3.6 million
net shale acres in its North American gas portfolio and a total of 14 million net acres of exploration
and production leasehold in the United States. Chesapeake is partnered with Statoil (32.5%) in its
Marcellus holdings, Plains Exploration & Production Company (20%) in Haynesville, Total (25%) in
Barnett, and CNOOC (33.3%) in Pearsall and Eagle Ford. In 2012, Total purchased a 25% stake
in 619,000 acres of Chesapeake’s Utica Shale.
Due to its problematic financial situation which saw the company facing a $10bn funding gap
Chesapeake has been selling of parts of its North American assets over the past year. In 2012 the
company sold assets worth $6.9bn, including the sale of most of its assets in the Permian Basin to
Royal Dutch Shell and Chevron as well as nearly all of its infrastructure network in the region. From
2012-13, Chesapeake reduced capital expenditure by 50%, but managed to boost production by
11%. It continued to decrease capital expenditure into 2014 and has consistently achieved lower
costs of drilling wells: in 2014 average well cost is $7.5m, but their lowest cost to date is $6.9m.
Chesapeake has the largest shale gas portfolio in the US and in the last 3 years has been
restructuring its core business. The company is continuing its strategy of focusing increasingly on
liquids-rich plays in its shale gas portfolio. Over the past years the dry gas share in Chesapeake’s
capex has continuously decreased, from 90% in 2009 to 14% in 2013 and the liquid gas capex
share has risen from 10% to 86% over the same time period. The company’s shale gas operations
have shifted increasingly to wet gas areas in the Eagle Ford, the Utica, and the Marcellus.