Shale resources are unevenly distributed worldwide and, for the most part, not located where freshwater is abundant. For example, China, Mexico, and South Africa have some of the largest technically recoverable shale gas resources (based on estimates from the U.S. Energy Information Administration), but face high to extremely high water stress where the shale is located. This report analyzes water availability across all potentially commercial shale resources worldwide. It also reveals that water availability could limit shale resource development on every continent except Antarctica.