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Europe to wait at least five years before reaching significant production rates of unconventional gas

June 21/2011

(ICIS) -- Europe will have to wait at least five years before any significant production rates of unconventional gas are achieved, Erste Group Bank said on Tuesday. We believe that unconventional gas (such as shale gas and tight gas) will be tapped in Europe, but cannot currently imagine that it could reach the size of US natural gas production, Erste Group Bank said in an analysis.


Environmental concerns regarding potential water and soil contamination were heightened by Europes heavily populated landscape. This is in contrast to the population densities that explorers and producers in the US have had to deal with, Erste said.


The US also had the advantage of landowners being entitled to royalties from produced natural gas, which is not the case in Europe, the report said.


The latest estimates showed that the EU and Norway had 4,400bn cubic metres (cbm) of proved unconventional gas reserves and anywhere from 3,600-173,000bn cbm representing around 72-346 years of European natural gas consumption of potential unconventional gas resources, Erste said.


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