FT: OMV chief calls for EU stance on fracking

The EU must develop a common position on shale gas or risk deindustrialisation, the head of the Austrian energy group OMV has warned, in the latest sign of mounting European concern about the impact of the shale boom in the US.

Advances in the hydraulic fracturing, or fracking, of shale rock have allowed the US to exploit huge reserves of previously inaccessible gas, driving down the price and giving its companies access to sources of very cheap energy.

However, in Europe there has been far greater reluctance to embrace the new technology, with several nations, such as France and Bulgaria, imposing moratoria on fracking because of environmental concerns, leaving European companies struggling with gas prices up to four times higher than in the US. 

Gerhard Roiss, chief executive of OMV, said that the level of public opposition to fracking meant that European backing was needed in order to give countries the political cover to explore how to use the technology.   MORE