6 questions answered on the return to global shale exploration in Oil & Companies News 05/06/2026 The first wave of shale oil and gas exploration outside of the US (‘Global Shale 1.0’) was largely unsuccessful. But in an environment of i rising oil and gas prices and increasingly acute regional supply risks, unconventional plays globally are gaining renewed attention. So, what do E&P firms, governments and investors need to know about ‘Global Shale 2.0’? For our latest Horizons Live webinar, we spoke to two Wood Mackenzie analysts, the authors of the report A hydrocarbon copy: the upstream industry’s return to international shale exploration. Read on for the first two answers, and fill in the form to access the full discussion about the next wave of global shale. Q1. Why the renewed interest in international shale exploration? Global shale exploration has been tried before, but in the early 2010s, it was largely unsuccessful. A combination of geopolitical shifts, revisions to global oil and gas demand expectations and a now maturing US shale sector make global shale exploration a more attractive proposition than it was just a few years ago. Previous global unconventional oil and gas exploration ilast decade resulted in only two significant successes: the Vaca Muerta play in Argentina and the Jafurah project in Saudi Arabia. Failure to progress elsewhere was not due to a lack of potential, however, but rather because lower-cost, lower-risk acreage in the Permian Basin offered better growth options that caused key explorers to retrench. Better datasets allow explorers to be more selective, while improved technology has pushed down shale development costs everywhere. The current conflict in the Middle East is driving a renewed focus on energy security, prompting governments to rethink policies. Q2. How does Global Shale 2.0 differ from earlier failed attempts? In the early 2010s, shale exploration and production was notably more expensive than exploiting conven