11 September 2013 17:18 [Source: ICIS news]
LONDON (ICIS)--Germany must rethink its sceptical stance towards hydraulic fracturing (fracking), the technology used to extract shale gas, the CEO of BASF’s Wintershall oil and gas business said on Wednesday.
Rainer Seele said that it is important to conduct thorough research to establish whether production is possible in Germany, due to the "huge potential" of shale gas.
"Germany is no land of unlimited possibilities," Seele said in a speech at an energy conference in Munich.
Any application of fracking would be "limited by the care for our environment," Seele said.
"But it would be suicidal if this republic became the land of total impossibility," he said.
Seele did not limit his remarks to Germany. Rather, all of Europe was "at risk of losing track in the race for global energy resources," he said.
"We are currently experiencing a worldwide transformation of energy markets", he said, with energy shifting the global balance of power in terms of economic policy.
Seele said that one of the main drivers in energy trends is the US shale gas revolution. At the same time, economies such as China and Brazil would set the pace in the race for securing energy reserves.
"Yet, of all regions, it is Europe with its poor raw material base that fails to effectively adapt to these changes," Seele said.
He called for a European "energy turnaround", which would include "the appropriate utilisation of domestic resources", as well as the expansion of partnerships with energy-rich countries such as Russia and Norway.
Kassel-based BASF Wintershall is Germany's largest international oil and natural gas producer.
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