The European gas market might witness a significant transition if shale gas is developed successfully in the next two to three years.
Europe’s natural gas demand has long been met by Russian supplies of which Gazprom supplies the majority. This has enabled Gazprom to achieve a near monopoly in the continent with significant revenue potential. However, the potential of shale gas in Europe is changing the dynamics of the gas market in Europe.
Europe might emerge as a significant shale gas producer in the future. The production of shale gas in Europe would completely alter its energy structure. Unconventional resources such as shale gas can produce huge volumes of new gas reserves to meet the rising gas consumption in Europe. The total unconventional gas reserves in Europe are estimated to be about 1,200 trillion cubic feet (tcf) which is more than five times the continent’s proven gas reserves. This is according to GlobalData’s new report “European Shale Gas: A Threat to Gazprom’s Future?” For more information contact James Field at email@example.com