• 4 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 7 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 19 hours IMO 2020 could create fierce competition for scarce water resources
  • 1 min Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 1 day IMO2020 To scrub or not to scrub
  • 4 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 37 mins Total nonsense in climate debate
  • 5 hours IRAN makes threats, rattles sabre . . . . U.S. makes threats, rattles sabre . . . . IRAQ steps up and plays the mediator. THIS ALLOWS BOTH SIDES TO "SAVE FACE". Then serious negotiations start.
  • 9 hours Theresa May to Step Down
  • 1 day Devastating Sanctions: Iran and Venezuela hurting
  • 59 mins Will Canada drop Liberals, vote in Conservatives?
  • 1 hour Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 1 hour Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.
  • 1 day Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 1 day Level-Headed Analysis of the Future of U.S. Shale Oil Industry

BP: Shale Boom will Never Happen in the UK or Europe

Some British ministers, especially Chancellor George Osborne, hope that fracking will enable the UK to experience a shale gas boom similar to the US, and completely change the energy market over the next twenty years.

Unfortunately BP’s chief economist, Christof Rühl, disagrees, stating that Europe and the UK face very different circumstances than the US, which will not enable shale gas production to really kick off until around 2030, and even then only in small amounts.

“Europe has various problems: environmental concerns, outright bans on fracking, a lack of infrastructure and a long tradition of not minding so much having to import things,” that its fracking progress will not be as quick as the US.

Related Article: Why OPEC is Worried About the U.S. Congress

“I think that is also the story for the UK. There will be some projects starting here, maybe earlier than on the continent, but it’s not likely to be a big game-changer in the natural gas market, where we have these declines in the North Sea to compensate.

It takes years to actually generate and unlock shale production in Europe, where infrastructure is so much less developed than it was in the US. It takes an enormous amount of drilling and rigs to unlock shale.”

Analysts at BP (NYSE: BP) have found that shale gas production in the EU may reach 2.4 billion cubic feet per day (bcfd) by 2030, and will not therefore be enough to offset the rapid decline in conventional natural gas production over the same period, inevitably leading to more imports. In contrast the US currently produces about 20bcfd.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News