The rapid growth of unconventional resources in North America, especially shale gas and liquids, has generated both enormous enthusiasm and deep skepticism. Some have proclaimed that shale represents extremely low-risk manufacturing-style opportunities, while others question whether it has or ever will truly yield the anticipated returns. The collapse in regional gas prices has driven home the marginal nature of these assets with their substantial exposure to commodity price risk. This in turn is forcing the debate around how to best allocate sparse capital between conventional exploration programs and unconventional resource projects, causing the industry to rethink how it characterizes unconventionals.
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