Shale Gas to the Rescue?

The Shale Revolution s Global Footprint

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The Bowland Shale, which lies beneath Lancashire and Yorkshire, contains 50 more gas than the combined reserves of two of the largest fields in the United States, the Barnett Shale and the Marcellus Shale.

Despite the hype about the shale gas revolution, the extraction cost of (onshore) conventional gas remains below that of shale gas.

America s shale gas industry grew by 45 annually from 2005 to 2010, and the share of shale gas in America s overall gas production grew from 4 to 24 .

Shale gas wells deplete far more rapidly than conventional fields do.

In Europe, shale energy resources have largely remained in the ground.

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In 2013, it was announced that Japan would be importing shale natural gas.

Even the much heralded shale gas revolution is a lot of hype 160 similar to the gold rushes and stock bubbles of the past. Shale gas wells deplete far more rapidly than conventional fields do.

Even so, the shale revolution across the Atlantic has been felt in diverse ways.

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The shale energy revolution that started in the US is thus causing sweeping changes worldwide.

PRAGUE In late June, the British Geological Survey announced the world s largest shale gas field.

Shale gas could thus reduce dependency on OPEC oil and gas while reducing carbon emission.

Shale gas is abundant in Europe and North America, in contrast to oil and gas.

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However, the rise of fracking should be viewed with caution Poorly managed fracking facilities can leak methane, a potent greenhouse gas and shale oil, to which many frackers are turning, is much more emissions intensive than shale gas.

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With respect to climate change, however, the effects of greater reliance on shale gas are mixed.

It s as if we reacted to Fukushima by better handling gas emissions in oil shale projects.

The big news in energy these days is the revolution in technology for tapping shale gas.

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By 2035, shale gas is projected to account for roughly one half of total US energy production.

Jorma Ollila, Chairman of Royal Dutch Shell, described the global map of major shale oil and gas deposits.

Shale gas could cut the cost of reducing CO2 seven times more while actually helping Europe s ailing economy.

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