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Shale Boom Could Happen in Russia & China but not Europe

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    Anonymous

    Russia and China will lead the way in the production of resources from shale after the U.S., according to executives, but Europe will likely lag behind.
    Torbjorn Tornqvist, chief executive of trading house Gunvor, said Wednesday it was clear that shale production on a scale similar to that in the U.S. is possible in several of the world’s biggest current energy producers and consumers — but that Europe is unlikely to be transformed by it.
    Surging production of oil and gas from unconventional sources has seen the U.S. outstrip predictions to become one of the world’s most energy-secure regions.
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    “Is it possible to adapt that elsewhere? And the answer is yes, but not everywhere,” Mr. Tornqvist said. “I think in Russia, you will see the first major change. You have the political climate there to drive through large-scale shale operations both in gas and oil.”
    He also said that China, Australia and South America were promising as a shale-exploiting countries.
    Mr. Tornqvist sounded a much less positive note for Europe, which has so far been divided on its approach to the relatively new technology of hydraulic fracturing, the method of extracting shale resources known as fracking. France has voiced strong opposition to the idea, while the U.K. government has insisted that shale gas production “will happen.”

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