A report detailing the shale oil industry claims it is worth $2.88bn (£1.75bn).

Business Analysts, Visiongain have published a report: ‘The Oil Shale Market 2011-2021’, which has calculated the global oil shale market on new infrastructure and upgrading of existing oil shale facilities plus spending on R&D. The report says the market is “likely to provide substantial opportunities for potential investors.”

Currently, extracting oil from oil shale is more complex than conventional oil recovery and is more expensive, but, like shale gas, is offering a potential alternative to a finite fuel source.

The report examines the oil shale market over the next decade, provides market forecasts for each of the regional markets and aims to offer in-depth analysis of the opportunities and challenges facing companies in the oil shale market throughout the world.

The report also offers profiles of 33 of the leading companies involved in the oil shale business.