The U.S. and Canada currently dominate the supply of shale oil and gas—which is removed from rock formations in a process known as fracking—but this might not always be the case.
BP forecast North America would account for 70 percent of shale output in 2035, down from around 99 percent by 2016. China is seen as the most likely candidate for growth in its shale industries. But are also lots of shale deposits in countries ranging from Argentina to France and Spain.
However, that does not mean that countries will necessarily be able to replicate the "shale revolution" enjoyed by the U.S., said Harry Tchilinguirian, head of commodities strategy at BNP Paribas.
"Shale fracking in the U.S. has been around for a very long time in terms of technology. Americans today are quite adept at implementing fracking and have made leaps and bounds in terms of productivity gains and cost reduction in delivering shale oil. Other countries still face a steep learning curve when it comes to replicating the shale boom in the U.S.," he told CNBC.
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In addition, the fracking industry was helped in the U.S. thanks to a plentiful supply of cheap capital and laws that give land owners own the right to any sub-soil resources on their property—a situation rarely found in other countries.
"One of the most critical factors in the development of U.S. shale oil has been property rights and in particular the ownership of the subsoil resource. In the U.S., this ownership is private, allowing for large scale leasing of land by independent oil companies for the purpose of exploration and development," said Tchilinguirian.
He added: "If there is going to be any development of shale oil reserves in China, it will likely have to be driven by China's oil companies rather than foreign participation, be it directly or through joint ventures."