Reuters: Exxon tempers European shale gas enthusiasm

U.S. oil group Exxon Mobil sought to cool predictions of a European shale gas revolution, saying commercial production was at least five years away and dismissed forecasts offered by other industry players as "highly speculative".

Kevin Biddle, Exxon's exploration director for Europe, also downplayed the prospects for Poland -- believed by many to have the continent's largest reserves -- leading the shale gas charge, saying on Monday that Germany was more likely to be the first shale gas producer. 

"Five years is possible for some areas -- we have to be working at a pretty good clip to get any significant production online in that time," he told the International Petroleum Week conference in London.  Exxon, the largest oil company in the world by market capitalisation, is one of the most active drillers for shale gas on the continent, and is exploring in Poland and Germany. MORE