Shale Revolution or Evolution: Opportunities and Challenges for Europe

Will European shale gas be developed as rapidly as it has in the United States? If one considers that shale gas took about 30 years to develop from an experimental demonstration into a fast developing commercial enterprise, it should not take that long in Europe. Indeed, the United Kingdom, after lifting its moratorium on hydraulic fracturing, appears to be moving quite rapidly. Poland is actively promoting shale gas but so far without economic production. On the other hand, if one considers how rapidly shale gas has expanded in the United States since 2003 and how rapidly investment in shale gas has declined in the past few years due to low natural gas prices in the United States, then Europe is unlikely to have either experience. The reasons will be discussed in the ensuing section