Chevron expects no big Europe shale gas production before 2020
27 July 2012 18:58 [Source: ICIS news]
HOUSTON (ICIS)--Chevron does not expect to see significant commercial shale gas production in ?xml:namespace>Europe before 2020, an executive for the US-based energy and chemicals major said on Friday.
“You are really talking next decade before you get significant volumes [from European shale gas], maybe early in the next decade,” George Kirkland, executive vice president of Chevron’s upstream and gas business, told analysts during the company’s second-quarter earnings call.
Kirkland said that unlike in the US, shale gas development in Europe is still in its early stages.
The US has much more expertise in shale gas, and it has a better pipeline infrastructure to bring that gas to market, he said.
“The knowledge level in the US about the shale is high, compared to any place else in the world, because there are so many wells being drilled in the US,” Kirkland said.
“And, very importantly, the North American infrastructure to move the gas is in place … and you don’t have that in Europe,” he added
Kirkland’s remarks about Europe’s shale gas prospects are in line with recent comments by executives from BASF and ExxonMobil.
Chevron recently bid successfully for a 50% interest and operatorship in a shale gas block in the Ukraine, Chevron executives said during the call. According to its website, Chevron is also working on shale gas exploration opportunities in Poland and Romania.
In the US, Chevron became a major shale gas producer following its acquisition in 2011 of Atlas Energy. Chevron is one of the largest leaseholders in the Marcellus Shale region in the US northeast.
By: Stefan Baumgarten+1 713 525 2653
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial
to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free
trial to ICIS Chemical Business.