Abstract
Hydrocarbons are exhaustible resources. As a result there is always concern over their "running out" leading to increased scarcity and consequently higher prices.
This concern ebbs and flows. More recently, the application of shale gas technology - horizontal drilling and hydraulic fracturing - has seen dramatic changes to gas and oil supplies in the United States.
This "shale gas revolution" is already having impacts on international gas markets and the impact on oil is giving rise to the serious possibility of dramatic reductions in United States' oil imports in the near future.
Given the large shale gas resources that are claimed globally, can this technology become a game changer to push concerns about oil and gas scarcity out of public scrutiny for some time to come?
In his Autumn Statement, George Osborne, UK Chancellor, effectively announced a new dash for gas in the UK energy sector. Many of his predictions for the future are based on a replication of the U.S. shale gas revolution. However, factors which were favourable there, including geology, tax breaks and a vibrant service industry are very different in Europe.
In this lecture, Professor Paul Stevens will explore how likely it is that a European shale gas revolution will follow.
