BP Doesn’t See Significant Shale Gas Production in Europe by 2035

While registering an increase in global production of shale gas, BP said that significant unconventional hydrocarbon productions remain unlikely in Europe at least till 2035.

‘Renewables, shale gas, tight oil and other new fuel sources in aggregate grow at 6% p.a. and contribute 45% of the increment in energy production to 2035’ reads the BP Energy Outlook 2035.

The British company estimated that Asia Pacific and North America are the regions with the highest levels of remaining technically recoverable shale gas. Europe and Eurasia is the second last region, before the Middle East.

According to the forecasts, US shale gas production should grow by 4.5% a year, ‘although growth rates moderate gradually.’ By 2035, US and China are expected to produce 85% of global shale gas. 

“We don’t see any shale production of any great significance in Europe and the UK by 2035,” BP’s chief economist, Spencer Dale, commented during the presentation of the Energy Outlook 2035.