• 2 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 2 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 2 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 2 days Schlumberger Warns Of Moderating Investment In North America
  • 2 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 2 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 2 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 2 days New Video Game Targets Oil Infrastructure
  • 2 days Shell Restarts Bonny Light Exports
  • 2 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 3 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 3 days British Utility Companies Brace For Major Reforms
  • 3 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 3 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 3 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 3 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 3 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 3 days Rosneft Signs $400M Deal With Kurdistan
  • 3 days Kinder Morgan Warns About Trans Mountain Delays
  • 4 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 4 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 4 days Russia, Saudis Team Up To Boost Fracking Tech
  • 4 days Conflicting News Spurs Doubt On Aramco IPO
  • 4 days Exxon Starts Production At New Refinery In Texas
  • 4 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 5 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 5 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 5 days China To Take 5% Of Rosneft’s Output In New Deal
  • 5 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 5 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 5 days VW Fails To Secure Critical Commodity For EVs
  • 5 days Enbridge Pipeline Expansion Finally Approved
  • 5 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 5 days OPEC Oil Deal Compliance Falls To 86%
  • 6 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 6 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 6 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 6 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 6 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 6 days Aramco Says No Plans To Shelve IPO
Oil Shows Weakness, But Don’t Expect A Plunge

Oil Shows Weakness, But Don’t Expect A Plunge

Oil prices remained firm this…

Spain’s Shale Gas Reserves could Meet Domestic Demand for more than 40 Years

Spain’s Shale Gas Reserves could Meet Domestic Demand for more than 40 Years

Following the huge success of fracking in the US and the shale gas boom that it triggered, many other countries have investigated their shale gas prospects, especially in Europe.

At a recent presentation by the Council of Mining Engineers in Madrid, Fernando Pendas, a water and oil geology professor at the University of Oviedo, stated that a recent study estimates Spain’s shale gas resources to be around 50 trillion cubic feet.

Over the past five years nearly 100 companies have applied for licenses to begin exploration and fracking practices in Spain.  Pendas stated that “if we don’t allow fracking, Spain would have missed out on a huge opportunity.”

Related article: Shale Gas: The Courtship Begins in India, Algeria

The council believe that the estimated 50 trillion cubic feet would provide enough natural gas to meet domestic needs for at least 39 years, and there is even the chance for that volume to be increased by as much as 100% once studies are finalised and exploration begins.

Angel Camara, a chemical engineering and fuels professor at Madrid’s Polytechnic University and co-writer of the study, said that the most promising shale deposits exist in the Basque-Cantabrian basin in the north of Spain, near to water sources which will be vital to the fracking operations.

As in most European countries considering fracking, environmentalists have been protesting against its implementation, but Camara explained that the impact on the environment will “entirely depend on good operator practices. If those are fulfilled, there is no reason to fear.”

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