European Operators Increasingly Optimistic About Shale Gas Industry

British and European petroleum explorers are increasingly optimistic about the prospects of a regional shale gas industry, paving the way to long-term investments to support a gradual growth. That was the general message of the first day of the 2nd Annual Unconventional Gas and Oil Summit.

Panellists said that the only way to gauge the potential is to proceed with technological innovation and to start the explorations, which are necessary to get precise estimates of the available gas.

"The industry is learning all the time," said Marek Karabuła, President of the Management Board of Polish Oil & Gas Company Libya (POGC Libya). 

Operators confirmed their intention to invest in Europe, hoping for strategic partnerships between companies, universities and politicians to develop new technologies. Panellists asked for the cooperation of institutions to shed some light on the gas in place. 

The British Geological Survey is working on a document about the gas in place in the Bowland Shale in the North West of England. The report is due to give an updated assessment in the coming weeks.