The recent capitalization on the exploration of shale gas in North America has transformed the global gas-market outlook, says the International Energy Agency.

The rapid development and extraction of the unconventional gas in places like Haynesville and Marcellus in the Unites States have kick-started the ambition by some companies to look to Europe for vast, unexplored shale plays.

“Unconventional gas is unquestionably a game-changer in North America with potentially significant implications for the rest of the world,” said Nobuo Tanaka, Executive Director of the International Energy Agency in a November press release.

The International Energy Agency estimates that unconventional gas resources in Europe, including coal-bed methane, could amount to 35 trillion cubic meters, six times higher than the continent’s conventional gas resources.

Some oil companies have already begun capitalizing on Europe’s un-tapped shale plays. Royal Dutch Shell PLC, for example, is expected to finish drilling its first three wells by the end of March hoping to extract what one spokesman called “enough gas to cover Sweden’s gas needs for at least 10 years.”

Other companies, such as Vancouver-based Realm Energy International, have also announced the will aggressively continue the evaluation and the acquisition of high potential shale deposits throughout Europe (read: Realm Energy, Halliburton Driving Shale Play Development Outside North America).

The Oil & Gas Journal reports that countries currently being evaluated by international oil and gas companies include France, Germany, Austria, Poland, Hungary and the UK.

SOURCES:
International Energy Agency: Press Releases
Oil and Gas India: “Shell begins drilling for shale gas in Sweden”
Oil & Gas Journal