Europe shale gas: As big as North America

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    Mar 10, 2011 8:24 PM GMT
    This is pretty stunning and a potential game changer economically and geopolitically. For those who haven't been following shale gas developments (and the consequent pricing separation between natural gas and oil on the markets), the US has gone from nearly a net importer of natural gas to a net exporter within a few years because of new technologies in extraction commercialized and used only within the last 5 years.

    Boone Pickens estimates that if we turned off all other energy sources and could wave a magic wand converting all usage to natural gas, that there are enough economical reserves in the US alone to provide energy for the next 100+ years accounting for population growth. Why policymakers have been so slow to act to reduce the regulatory hurdles to CNG conversions is befuddling. In the meantime, the same formations in North America and Europe that have shale gas are also present in significant quantities in India and China.

    http://www.nohotair.co.uk/index.php?option=com_content&view=article&id=1793:europe-shale-gas-as-big-as-north-america&catid=124:energy-policy

    The size of European unconventional commercial gas reserves rival that of North America, according to a major new study by IHS Cambridge Energy Research Associates (IHS CERA). The study, Breaking with Convention: Prospects for European Unconventional Gas estimates Europe’s total unconventional gas in place could be 173 trillion cubic meters (Tcm), or 6,115 trillion cubic feet (Tcf).

    Breaking with Convention is the first of a series of essential analyses of the prospects for unconventional gas development in Europe and the world. Based on the systemic analysis of the key unconventional gas plays in Europe (both shale gas and coal bed methane) and drawing on extensive IHS proprietary databases, the study explores the extent to which the sizable potential of unconventional gas is likely to be realized and what it means for European gas markets.

    “The technological revolution in unconventional gas has been the single most important energy innovation so far this century,” said IHS CERA Chairman and author of the Pulitzer-Prize winning book, The Prize, Daniel Yergin. “Its tremendous potential has already transformed North America’s energy landscape and may now transform the global gas industry.”
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    Mar 10, 2011 8:32 PM GMT
    In other news...

    There's shale oil:
    http://money.cnn.com/2011/03/04/news/economy/oil_shale_bakken/

    HOUSTON (CNNMoney) -- In the grasslands of western North Dakota, one of the country's richest oil men is using a controversial gas drilling technology to develop what could be the biggest domestic oil discovery in the last 40 years.

    The oil lies underground in a shale rock formation stretching across western North Dakota, northeast Montana, and into Canada's Saskatchewan Province known as the Bakken.

    Thanks to hydraulic fracturing or "fracking" and high oil prices, oil production in the Bakken has exploded.

    It went from a mere 3,000 barrels a day in 2005 to 225,000 in 2010, according to the government's Energy Information Administration.

    EIA thinks it will produce 350,000 barrels a day by 2035, but most analysts think that estimate is far too low.

    According to Harold Hamm, president of the energy company Continental Resources, it could produce a million barrels a day by 2020.
    That's only a fraction of the 9.8 million barrels a day the country produces and an even smaller fraction of the 19.2 million it consumes, but it's significant.
  • mke_bt

    Posts: 707

    Mar 10, 2011 10:10 PM GMT

    President Jimmy Carter pushed for the development of shale oil. Who knew he was such a visionary?
  • conservativej...

    Posts: 2465

    Mar 10, 2011 11:36 PM GMT
    It truly is a good business to be in right now. There are different types of carbon based energy sources popping up everywhere.
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    Mar 10, 2011 11:45 PM GMT
    Potato power!!! I"m investing in this kid

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    Nov 26, 2012 9:21 PM GMT
    There's more in the article which again notes the biggest loser in all of these developments? Russia.

    http://ajw.asahi.com/article/globe/feature/shale/AJ201211250015

    In terms of estimated reserves, China has more shale gas than the United States. To date, test wells have found gas in 24 locations. In March, a plan given to a person involved in the industry revealed a production goal of between 60 billion and 100 billion cubic meters of gas by 2020. Those figures are equivalent to between 40 and 70 percent of the United States’ 2010 production volume.