Shale gas extraction could create up to a million new jobs across Europe and cut reliance on energy imports, a new study has found.
The controversial extraction of shale oil and gas has revolutionised the energy industry in the USA, bringing down costs and propelling the county to the top of the world production league.
Now studies by the International Association of Oil and Gas Producers predicts shale extraction could help generate up to £3.2trillion to the European economy by 2050.
“While it may not be a game changer as in the United States, shale gas development in Europe could take full advantage of the lessons learned,” said OGP’s European affairs director Roland Festor.
The research, conducted by independent consultancies Poyry Management and Cambridge Econometrics, looked at the possible shale resources and extraction methods available across the 28 European Union countries.
The report estimates between 400,000 and 800,000 new jobs would be created through the growth of shale gas extraction across Europe over the next 22 years, rising to 1.1million by 2050.
Production would reduce the amount of gas imports required into Europe from a current estimate of 89% of supply to 62% by 2035, with gas prices falling up to 14%, saving up to £23.3billion a year in wholesale costs.
“Every cubic meter of gas produced from EU shale resources means one cubic meter less of imported gas,” said Festor.
“That would translate into more jobs, more disposable income, better security of supply and ultimately more prosperity.”