Integrated techno-economic and exergy assessment of oil shale development: a comparative global perspective

Oil shale is a significant unconventional hydrocarbon source, but its economic development viability is still hampered by high costs, technical difficulties, and environmental consequences. Comparing the techno-economic aspects of oil shale development in key producing areas, the United States, Estonia, Jordan, and China, this research examines four extraction technologies: surface retorting, True In-Situ (TIS), Modified In-Situ (MIS), and Underground Retorting using a novel integrated approach. A multi-model analytical framework integrating financial evaluation Net Present Value (NPV) and Internal Rate of Return (IRR) with exergy-based life cycle analysis and the Climate and Energy Assessment for Resiliency (CLEAR) model offers an integrated view on the efficiency of resource, economic feasibility, and environmental performance. The findings show that, although surface and underground retorting are the most well-established techniques at the moment, TIS and MIS show encouraging future prospects when field conditions are optimal and carbon regulations are supportive. Supportive policy measures, such as tax incentives and power purchase agreements, significantly enhance project feasibility. The study concludes that while the technological potential for low-cost development exists, widespread feasibility depends on sustained high oil prices, proactive regulatory frameworks, and the adoption of advanced extraction technologies.