Globe and Mail: Eastern Europe seeks shale gas ‘revolution’

Eastern Europe could become the next hotbed of shale gas exploration as oil and gas moguls, such as Chevron Corp., chase opportunities in countries that want to establish their energy independence from Russia and rebuild their economies.

The U.S. Energy Information Administration (EIA) estimates the combined gas reserves in Romania, Bulgaria and Hungary could equal more than 535-billion cubic metres of gas. This would be enough to restock Romania’s consumption for almost 40 years, according to the agency, as Romania’s average annual consumption totals about 14-billion cubic metres.

Despite these motivations, the use of the controversial shale gas extraction method – known as hydraulic fracturing or fracking – has already caused serious domestic opposition in Eastern Europe.  MORE