Released May 27, 2013 | GALWAY, IRELAND
en
Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) - The potential exploitation of shale gas was a cornerstone of the latest gathering of European leaders at an energy summit held by the European Council.
The summit is focusing on two areas deemed vital to the European Union's (E.U.'s) future economic growth and cohesion: energy and taxation.
"All leaders are aware that sustainable and affordable energy is key to keeping factories and jobs in Europe," said European Council President Herman Van Rompuy . "Industry finds it hard to compete with foreign firms who pay half the price for electricity, like in the United States. Countries could also develop safe and sustainable ways to tap other resources - conventional and unconventional. Yes, this includes shale gas, which could become part of the energy mix for some member states, perhaps less for others."
Europe already relies too heavily on energy imports according to European Commission figures that show in 2012, the region was spending on 1 billion ($1.3 billion) per day on energy imports.
Van Rompuy warned: "Europe risks becoming the only continent to depend on imported energy. "In 2035, we will still depend on imports for more than 80% of our energy needs and that will have consequences for our competitiveness and our companies. We need 1 trillion ($1.3 trillion) in investment by 2020".
The U.K.'s Prime Minister, David Cameron, was one of the most ardent supporters at the summit for the rush to exploit potential shale gas reserves. "We need to secure good value energy supplies," he told media. "It involves making the most use of indigenous resources, such as shale. We need to ensure that the old rules do not hold us back. No regulation must get in the way."
He explained: "Europe has 75% as much shale gas as the U.S., yet the Americans are drilling 10,000 wells per year while we in Europe are drilling less than 100. "[It is] no surprise that over the last decade Americans have increased their energy from shale from just 1% to 30%, and here in Europe we are now paying twice what the U.S. pays for wholesale gas."
The U.K, Spain and Germany are among those leading the drive for drilling for shale gas using the controversial hydraulic fracturing, or 'fracking', method of extraction. Others, like France, have had a fracking ban in place for more than a decade. In March, the Irish government confirmed that it had received applications for licences from firms seeking to extract shale gas using fracking. For additional information, see March 20, 2013, article - 'Fracking' Licences Sought in Ireland.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
The summit is focusing on two areas deemed vital to the European Union's (E.U.'s) future economic growth and cohesion: energy and taxation.
"All leaders are aware that sustainable and affordable energy is key to keeping factories and jobs in Europe," said European Council President Herman Van Rompuy . "Industry finds it hard to compete with foreign firms who pay half the price for electricity, like in the United States. Countries could also develop safe and sustainable ways to tap other resources - conventional and unconventional. Yes, this includes shale gas, which could become part of the energy mix for some member states, perhaps less for others."
Europe already relies too heavily on energy imports according to European Commission figures that show in 2012, the region was spending on 1 billion ($1.3 billion) per day on energy imports.
Van Rompuy warned: "Europe risks becoming the only continent to depend on imported energy. "In 2035, we will still depend on imports for more than 80% of our energy needs and that will have consequences for our competitiveness and our companies. We need 1 trillion ($1.3 trillion) in investment by 2020".
The U.K.'s Prime Minister, David Cameron, was one of the most ardent supporters at the summit for the rush to exploit potential shale gas reserves. "We need to secure good value energy supplies," he told media. "It involves making the most use of indigenous resources, such as shale. We need to ensure that the old rules do not hold us back. No regulation must get in the way."
He explained: "Europe has 75% as much shale gas as the U.S., yet the Americans are drilling 10,000 wells per year while we in Europe are drilling less than 100. "[It is] no surprise that over the last decade Americans have increased their energy from shale from just 1% to 30%, and here in Europe we are now paying twice what the U.S. pays for wholesale gas."
The U.K, Spain and Germany are among those leading the drive for drilling for shale gas using the controversial hydraulic fracturing, or 'fracking', method of extraction. Others, like France, have had a fracking ban in place for more than a decade. In March, the Irish government confirmed that it had received applications for licences from firms seeking to extract shale gas using fracking. For additional information, see March 20, 2013, article - 'Fracking' Licences Sought in Ireland.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
