US gas market: Shale extraction technology leads to oversupplied market ft.com
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And while it is unclear just how much shale gas will be developed across the globe, one indication came in a report from IHS Cambridge Energy Research Associates, which said: “The size of European unconventional commercial gas reserves rival that of North America.’’
It estimates that Europe’s total unconventional gas in place could be 173 thousand billion cubic metres.
“The technological revolution in unconventional gas has been the single most important energy innovation so far this century,” says Daniel Yergin, IHS CERA Chairman and author of the Pulitzer-Prize winning book The Prize.