Oil Executive Promotes Shale Gas to Europeans

NY Times reported that a senior executive from Exxon Mobil expressed that Europe could miss a chance to reduce its dependence on imported energy by making it too difficult to develop shale gas.

As quoted in the market news:

The executive, Andrew P. Swiger, a senior vice president at Exxon, said that the conventional gas fields currently supplying Europe were expected to decline, raising dependence on imports delivered through pipelines and as liquefied natural gas.

“By 2030, Europeans are expected to be significantly more reliant on imports of natural gas than they are today,” Mr. Swiger said in London at the Oil and Money conference, which is jointly organized by The International Herald Tribune and Energy Intelligence. “Europe’s unconventional natural resources can provide the opportunity to offset this changing mix with domestic supplies,” he said.

Click here to read the full NY Times report