The world of energy has been turned upside down. The reason for this is shale gas. Since the USA began broad-scale production of unconventional gas, the balance in the global energy sector is shifting significantly. The United States is now the largest natural gas producer worldwide – which has profound consequences for the European energy markets. The low natural gas prices triggered by the successful shale gas production are putting European competitors under pressure. Leading business, scientific and political representatives discussed the opportunities, risks and possibilities of shale gas in Europe at the international energy conference “The European Formula“ in Oslo upon the invitation of the German Council on Foreign Relations (DGAP).
Largest growth by 2035 from natural gas
Keisuke Sadamori from the International Energy Agency (IEA) presented the agency’s new World Energy Outlook in Oslo and drew attention to the continued importance of fossil fuels in meeting global energy demand growth, with gas playing a central role: "Out of all the fossil fuels, natural gas has the highest absolute growth. The global demand for natural gas increases by half over the period to 2035," Sadamori said. This means that the share of natural gas in the global energy mix would approach 25% by 2035. While gas requirements rise moderately (+13% from 2011-2035) in Europe, the anticipated increase in gas requirements was being driven in particular by a sharp rise in demand in China, India and the Middle East (+60%). Unconventional natural gas resources, such as shale gas, account for about a third of the natural gas produced worldwide in 2035.
