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Friday, Oct 18
U.S. has "overfracked and overdrilled," Shell exec says
- The U.S. oil and gas industry has "overfracked and overdrilled," and shale energy riches are far from a sure thing, according to Matthias Bichsel, projects and technology director at Royal Dutch Shell (RDS.A, RDS.B).
- Hype over shale is dangerous, the Shell exec warns, because it risks setting expectations too high.
- U.S. production growth over the past four years is almost unparalleled in the history of world oil, a recent report says.
- Perhaps this is Shell's way of rationalizing its late arrival to the U.S. shale boom; it didn't get the best prospects and has since been disappointed by the performance of its Eagle Ford shale assets.