Tip:
Highlight text to annotate it
X
Europe is looking on with envy at the low gas prices and economic benefits that the
US is enjoying from its shale-gas revolution.
With the IEA estimating 230 years of recoverable gas resources world-wide, what is the potential
of shale-gas in the European energy mix?
We've seen what happened with shale gas in the US. It has transformed their gas market.
When we think about the potential in Europe, it has as far as we know, they have about
80% as much shale resources in Europe to be exploited as in the US.
And if we can exploit those, they have the potential to substantially reduce our import
needs and also to create jobs and boost the economy in Europe.
I think we have the advantage of latecomers. We can avoid some difficulties and bad environmental
impacts from the birth of this technology.
And we can accept best acceptable technology. So we can avoid some harms of environment
and other mistakes of the US.
But, there are big challenges. So when I think about the timeline for shale gas development,
a lot of people tend to think we're maybe only 3 to 5 years behind North America, but
my view is that we're at least 15 years behind North America right now.
For me the combination of lack of information, lack of sub-surface resource information,
the fact that we came to this relatively late compared to North America, and the fact that
we've got such strong local opposition in parts of Europe,
mean that right now we may not capture the full potential from shale gas.
So the public concerns around safety and environment are really valid and I think absolutely have
to be addressed front and centre.
And the best way to do that is through dialogue and through conversation. And the best way
to have informed dialogue and conversation is with facts and information.
And I think particularly in Europe a lot of people are not familiar with the conventional
oil and gas business.
So it takes a little bit of time for people to understand what sometimes the industry
can be quite technical about and to help them put that in context and feel comfortable with
the conversation.
Then of course in the public concern we have the people who are fully against the use of
fossil fuels.
And there we have to convince that the use of the gas is the next step towards renewables.
So in that dialogue, industry has an important role because we have the opportunity to bring
and share best practices from all over the world.
I think if we can find ways to allay fears, if we can find ways to accelerate the development,
accelerate the amount of investment,
to gather more information about shale gas, ultimately it could have a significant impact
on Europe's economy.
Probably not making Europe energy independent or anything close to it, but reducing our
dependence on imports,
reducing our dependence on coal, and giving a boost to the regional economy.
We asked our debate audience: can shale-gas transform Europe's energy landscape?
Have your say at CommentVisions.com, on LinkedIn and via twitter.