This comprehensive review presents a holistic examination of oil shale as a significant energy resource, focusing on its global reserves, extraction technologies, chemical characteristics, economic considerations, and environmental implications. Oil shale, boasting reserves equivalent to approximately 6 trillion barrels of shale oil worldwide, holds substantial potential to augment the global energy supply. Key extraction methods analyzed include surface mining, modified in situ, and true in situ conversion processes, each exhibiting distinct operational parameters and efficiencies. The review further delves into the chemical aspects of oil shale retorting and pyrolysis, highlighting the critical role of variables such as retorting temperature, residence time, particle size, and heating rate in determining the yield and composition of shale oil and byproducts. Economic analyses reveal that capital and operating costs, which vary according to the specific extraction and processing technologies implemented, are crucial in appraising the economic feasibility of oil shale projects. Lastly, the review acknowledges the potential environmental hazards linked with oil shale development, such as groundwater contamination and harmful emissions. It emphasizes the importance of rigorous monitoring programs, environmental impact assessments, sustainable technologies, and innovative strategies like co-combustion and comprehensive utilization systems in mitigating such impacts. The review underlines the need for a balanced approach that harmonizes technological advancement, economic viability, and environmental sustainability in oil shale exploitation.

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