A Review on Shale Reservoirs as an Unconventional Play – The History, Technology Revolution, Importance to Oil and Gas Industry, and the Development Future

Abstract As a milestone of the entire energy industry, unconventional resources have inevitably swept the world in the last decade, and will certainly dominate the global oil and gas industry in the near future. Eventually, the “unconventional” will become “conventional”. Along with the rapid development, however, some issues have emerged, which are closely related to the viability of unconventional resources development. Under the current circumstances of low crude oil and gas price, coupled with the prominent environmental concerns, the arguments about the development and production of unconventional resources have been recently heated up. This work introduced the full‐blown aspects of unconventional resources especially shale reservoirs, by discussing their concepts and definitions, reviewing the shale gas and shale oil development history and necessity, analyzing the shale plays' geology and petroleum systems with respects to key hydrocarbon accumulation elements and mechanisms, and summarizing the technology resolution. This study also discussed the relevant key issues, including significant estimation uncertainty of technically recoverable resources, the equivocal understanding of complex geology preventing the production and technologies implementation optimization, the difficulties of experiences and technologies global expanding, and the corresponding risks and uncertainties. In addition, based on the latest production and exploration data, the future perspective of the unconventional resources was depicted from global unconventional resources assessments, technology development, and limitations constraining the development.