Reuters Summit-Shale gas more of a hit in US than Europe

Companies attending the Reuters Global Energy Summit said that shale gas, viewed as a game changer in the U.S. natural gas market, is likely to have less of an impact in overcrowded Europe.

The article quotes those not directly involved in or pursuing shale gas opportunities.

"It's being seen as a U.S. phenomenon. There was a view shale gas was going to be a major factor in European supply and demand," Peter Aitken, head of coal global risk at energy trading firm Vitol, said at the summit. "I'm not sensing people are so enthusiastic. I think the environmental concerns are more serious."

"It's a little bit of a bandwagon, shale gas," Brian O'Cathain, chief executive of Irish oil and gas independent Petroceltic and not a player in shale gas, said at the summit on Tuesday.

"It's very unlikely shale gas will ever come into play in Europe to the extent it has in the U.S."

The impact of shale gas has been significant in the United States; only time will tell the outcome in Europe.  However, any contribution to energy security will be welcomed in continental capitals.

The article doesn't provide commentary from the many oil and gas companies are hunting for shale gas in Europe, including Shell, Exxon Mobil, ConocoPhillips and Chevron.

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Source: Reuters